(1) The default interest rate shall be the corporate lending rate of the
Bank of Central African States (BEAC), increased by one (1) point.
(2) For payments in a currency other than the CFA franc, the default interest rate
shall correspond to the discount rate applied by the Bank issuing the currency, increased
by at most one (1) point.
(3) The amount of default interest shall be calculated using the formula below:
I = M x (n/360) x (1) where:
M = Amount, inclusive of taxes, owed to the holder;
N = Number of calendar days of default;
I = BEAC corporate lending rates increased by one (1) point or discount rate
applied by the Bank issuing the currency involved, increased by at most one (1)
point, as the case may be.
(4) Default interest may not apply to amounts already comprising compensation
for delayed payments.
(5) Default interest shall not be taxable.
Official text
Spot-checked
In force from 20 June 2018
Source page 64