All transactions in foreign exchange engaged in by French residents,
particularly those in which a French resident takes title to foreign
merchandise, require the prior authorization of the French Government.
An "exchange commitment" (guaranteeing the return to the Government of
the exchange proceeds of a transaction) is required for all exports
and reexports of merchandise to which a French resident holds title.
Where the products concerned are subject to export license, the export
license suffices for the exchange commitment.