(2 minutes read)
- Countries in the Central African Monetary Zone (CEMAC) are facing an uphill task with the oil prices going South
- The economies in the region, such as Chad, Equatorial Guinea, Congo, Gabon, Cameroon, and the Central African Republic are facing severe balance of payment deficits and currency shortages
Countries in the Central African Monetary Zone (CEMAC) are facing an uphill task with the oil prices going South. The economies in the region, such as Chad, Equatorial Guinea, Congo, Gabon, Cameroon, and the Central African Republic are facing severe balance of payment deficits and currency shortages.
The region’s banks have imposed restrictions on forex transfers in 2019 to shore up their reserves. However, these restrictions are severely hurting the operations of oil companies. Despite that, the new restrictions, which will come into operation, require the companies to bring back all their export earnings to the zone.
