Market News
Central Africa's new FX initiative falls short of target, oil industry sources say - REUTERS
Summary
- CEMAC region targets $5 bln-$10 bln to boost reserves
- Oil companies seen paying significantly less
- Investment into oil-producing region set to decline
April 22 (Reuters) - Six Central African nations expecting a foreign exchange windfall of billions of dollars from environmental restoration funds set aside by oil firms may in fact see less than $500 million by an April 30 deadline, two oil industry sources close to the talks told Reuters.
Rules governing these restoration funds, mostly held in foreign banks, were introduced in 2018 by the Bank of Central African States (BEAC), the central bank for Cameroon, Gabon, Chad, Equatorial Guinea, Central African Republic and Republic of Congo.
