Business

Ivory Coast banks still to start receiving foreign money for exports

Banks in Ivory Coast are yet to restart receiving international money transfers that are needed to fund exports of goods such as cocoa, as some local units of foreign lenders stay closed.

The banks “are experiencing some technical problems with international transfers,” Souleymanne Diarrassouba, managing director of Lome-based Banque Atlantique and vice president of an association of Ivorian bankers, said by phone from Abidjan, the commercial capital, today.

The West African nation’s four-month political crisis over a disputed November election caused the local units of foreign- owned lenders to close their branches over security fears. After the April 11 capture of ex-President Laurent Gbagbo, some of the sites have begun to reopen.

Citigroup Inc. said yesterday it reopened its office in the world’s biggest cocoa producer, and Nigerian lenders United Bank for Africa Plc and Access Bank Plc have also resumed operations.

BICICI, BNP Paribas SA’s unit, remains closed, Soir Info, an Abidjan-based newspaper, reported.