The Ministry of Economy and Finance is committed to respecting the “principle of centralization of foreign exchange reserves” published by the West African Monetary Union Treaty (UMOA). Through the Directorate General of the Treasury, he has thus talked to banks and companies about the challenges and their role in repatriating export revenues to Benin. It was Friday, December 02, 2022.

The repatriation of export earnings by banks and companies is one of the pillars of the system of centralization of foreign exchange reserves within the UMOA that is of concern to the Beninese financial administration. To this end, an awareness-raising day was organized on the theme: “repatriation of export earnings: challenges and the role of banks and companies”.

On the occasion, the President of the Professional Association of Banks and Financial Institutions of Benin (APBEF-Benin), Lazare Noulékou specified that the aim is to “ask economic operators, banks and financial institutions to do everything to repatriate currencies”. “It is with these currencies that we are able to make the difference”, he announced, adding that it is important in this dynamic to avoid capital flight.

“Breaches have a negative impact on foreign exchange reserves and bank liquidity within the Union. They thus weaken the ability of countries to have sufficient foreign exchange to ensure the import of goods and services. It is in order to remedy this problem that this seminar is organized (...)”, he stressed. He has made a duty to invite the actors concerned to comply with the regulations in force in order not to expose themselves to sanctions.