Methods of Payment
Payment is usually made by bank wire transfers for amounts larger than $2,000 and directly by check or cash if the amount is less than $2,000. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide available at https://www.trade.gov/trade-finance-guide-quick-reference-us-exporters.
Banking Systems
The Bank of the Central African States (BEAC), headquartered in Cameroon, regulates the Congolese banking system. Overall authority for Republic of the Congo’s banking system rests with the Ministry of Finance.
Within the BEAC is the Banking Commission of Central African States (COBAC), which ensures the legality of the operations carried out by financial institutions. BEAC issues the currency and controls liquidity within the zone. The interest rate structure is common to all member countries of the zone. Within the CEMAC zone, the CFA franc circulates freely and may be freely converted to other currencies through the banking system. The West African CFA Franc is not accepted in the CEMAC zone.
The Republic of the Congo’s banking system includes eleven commercial banks. Commercial banks offer most corporate banking services or can procure them from overseas. Local credit to the private sector is limited and expensive, but available to both foreign and local investors on equal terms. The country’s main economic actors, the oil companies, finance themselves outside of the Republic of the Congo. Commercial banks have transferred excess liquidity to correspondent banks outside the region.
Foreign Exchange Controls
BEAC, the central bank, requires banks to record and report the identity of customers engaging in large transactions. Additionally, financial institutions must maintain records of large transactions for five years. CEMAC regulations do not stipulate a threshold amount for transactions to be reported. For any wire transfer more than $2,000 for an individual and $20,000 for a corporation, a special authorization must be filed with the DGMC (Direction Générale de la Monaie et du Crédit).
U.S. Banks and Local Correspondent Banks
No U.S. banks operate in the market. EXIM Bank does not offer any country specific programs.
For additional information, visit the U.S. Department of State Investment Climate Statements.