Import and export procedures were radically simplified in 1986 as all import licensing was abolished (temporarily) and replaced with an import declaration, granted to all registered traders. While the forms are filed with commercia1 banks, the Central Bank still retains the authority for final approval for submission to the official foreign exchange market.
At present, once an import declaration has been approved, authorization for the corresponding payment to the exporter is made by the Central Exchange Bureau. Private Guinean traders can now import goods freely, except for petroleum and pharmaceutica1 products -- in those areas, the government retains a monopoly.
Import licenses are now required only for the importation of "restricted goods". Products in this category include: cement, rice, wheat flour, and other agricultural commodities. Authorization from the Central Bank of Guinea is needed to import these items.
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