D ependence on raw materials and the incomplete application of regulations make the zone vulnerable to external shocks and impact the BEAC's monetary policy.

Why is the observed volatility in CEMAC's foreign exchange reserves indicating flaws in the foreign currency repatriation system?

Between the end of July and mid-September 2025, reserves fell by approximately 1,000 billion FCFA, dropping from 7,089.5 billion FCFA to about 6,667.58 billion FCFA. However, by the end of the 2025 financial year, benefiting from the good performance of commodity prices and the US currency, BEAC forecasts indicate reserves of around 7,101.7 billion FCFA, equivalent to 4.59 months of imports, but a decrease compared to the end of 2024 (4.82 months).

In fact, in application of the foreign exchange regulations of the CEMAC zone countries, companies, particularly in the extractive sector (oil, gas, mining, and timber), are required to repatriate the foreign currency revenues from their exports to the accounts of the Bank of Central African States (BEAC), with penalties for non-compliance. However, its application faces resistance from multinational corporations.

The main problem lies in the failure to comply with the obligation to repatriate export revenues exceeding 5 million FCFA within 150 days. This failure deprives the zone of a crucial portion of the foreign currency necessary to strengthen its reserves. Despite heavy financial fines planned for recalcitrant companies, potentially reaching up to 150% of the non-deposited amounts, multinationals often refuse to fully apply these rules, creating tensions regarding the stability of the CEMAC zone's CFA franc, including a vulnerability of the foreign exchange reserve stock and an impact on the external coverage rate of the local currency.

Consequently, the CFA franc of the CEMAC zone countries is regularly threatened with devaluation when the reserve stock falls below three months of imports for the countries of the central African economic and monetary union. This refusal by multinationals tends to destabilize the sub-regional currency's stability, raising the risk of a generalized price increase, including an increase in the cost of living that could lead to a social crisis, including a risk of food riots. The current situation thus combines pressure on reserves and the need for a more rigorous and uniform application of foreign exchange regulations to guarantee the zone's monetary stability.

To justify the violation of the CEMAC zone's foreign exchange regulations, companies in the extractive sector argue that it would create logistical, administrative, and financial challenges for multinationals accustomed to greater freedom of capital movement.

To channel this foreign currency and ensure the currency's external stability, the BEAC is called upon to demonstrate greater firmness towards multinationals, as the shortage of foreign currency severely penalizes the sub-regional economy. Many traders and other importing companies struggle to pay their foreign suppliers due to the deterioration of the terms of trade, but also because of the multinationals' refusal to comply with foreign exchange regulations.

Pour justifier la violation de la règlementation des changes de zone CEMAC, les entreprises du secteur extractif invoquent le fait qu’elle créerait des défis logistiques, administratifs et financiers pour les multinationales habituées à une plus grande liberté de mouvement des capitaux.

Pour canaliser ces devises et assurer la stabilité externe de la monnaie, la BEAC est appelé à faire preuve d’une plus grande fermeté vis-à-vis des multinationales car la pénurie de devises pénalise fortement l’économie sous-régionale dont de nombreux commerçants et autres entreprises importatrices peinent à payer leurs fournisseurs à l’étrangers en raison de la détérioration des termes de l’échanges mais également à cause du refus des multinationale de se conformer à la règlementation des changes.