Regulation on how resident extractive companies apply certain foreign exchange rules

This regulation of the UMAC Ministerial Committee, signed in Douala on 23 December 2021 and applicable from signature, explains how resident extractive companies, in particular oil, gas and mining firms, apply the 2018 foreign exchange regulation. The text refers to the principles of the Extractive Industries Transparency Initiative (EITI) and aims to strengthen the Community's foreign exchange reserves. It addresses the contribution of resident extractive companies to foreign exchange reserves, within the domiciliation and repatriation obligations of the general rules, and makes credit institutions, COBAC, BEAC and national authorities responsible for enforcing it. Penalties under the 2018 regulation apply to extractive companies unless otherwise provided. It directly concerns oil, gas and manganese operators in Gabon.