Includes special features of this country’s banking system and rules/laws that might impact U.S. business.
Last Published: 4/9/2019

The Bank of the Central African States (BEAC), headquartered in Cameroon, regulates the banking system.  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.

Overall authority for Gabon's exchange control system rests with the Ministry of Budget.  Gabon's banking system includes one development bank, the Gabonese Development Bank (BGD), and five main commercial banks.  The BGD normally lends to small and medium-sized companies.  The International Gabonese and French Bank (BGFI) is the principal bank in Gabon and the largest financial group in the CEMAC zone. 

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 Gabon.  Commercial banks have transferred excess liquidity to correspondent banks outside the region.

Credit cards are used infrequently.  Foreign-issued credit cards may not work in Gabon. VISA is the most universally accepted, but there is no guarantee that U.S.-issued card chips will be compatible with local vendors. 
 

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