Central Africa's new forex initiative misses target, say oil industry sources

Central African nations face shortfall as oil firms’ restoration funds fall below $500m by deadline

Oil companies, regional central bank authorities remain at odds ahead of a looming compliance cut-off date

Central Africa's new forex initiative misses target, say oil industry sources

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 $500m (R9.30bn) by an April 30 deadline, two oil industry sources close to the talks told Reuters.

Central Africa's FX fund initiative falls short of targets

A foreign exchange initiative designed to boost reserves in six Central African nations may raise less than $500 million by the April 30 deadline, significantly falling short of the target range of $5 billion to $10 billion, according to sources in the oil industry. The environmental restoration funds, established in 2018 under the Bank of Central African States (BEAC), were intended to strengthen the hard-currency reserves of Cameroon, Gabon, C…