On May 27, 2020, the Central Bank issued circular n˚557 pertaining to banking facilities in foreign currency for importers and producers of food products.
Here are the main provisions of the circular:
- Commercial banks may request the from Central Bank foreign currencies needed by importers and producers of food products that appear on a list established by the Ministry of Economy and Trade.
- The conditions and modalities of this circular shall be determined by the Ministry of Economy and Trade.
- Commercial banks shall submit their applications to the funding unit within the BDL after the approval of the Ministry of Economy and Trade.
- The foreign currency exchange rate shall be fixed at the Market Rate in accordance with circular n˚551 of April 16, 2020.
- Commercial banks shall ensure the correct application of the provisions of the Circular at their own responsibility failing which sanctions shall be applied by BDL in particular banks may be compelled to deposit equivalent placements to the amount that were obtained from BDL.
- The circular shall be in force for a year from the date of its publication.