Guinea bans mining companies from exporting more than half of foreign exchange earnings
Guinea's mining companies have been banned from exporting more than 50% of their export earnings, radio station RFI reports.
"Starting this Friday, the country's mining firms are required to send at least 50% of their export earnings to the country" , the radio station notes.
This measure will allow Guinea to strengthen its national currency, the expert explained to the radio station. Also, the country's authorities will receive additional leverage to counter inflation, RFI points out.
According to the radio station, mining products account for 90% of Guinea's exports, where one of the world's largest iron ore deposits, Simandou, is located.