Regulatory Alerts2015-08-07
Order No. 25397/2015-MFB/SG/DGT/DOF/SSOC amending and supplementing Order No. 22661/2014 of August 25, 2014 on the foreign currency surrender obligation to the Interbank Foreign Exchange Market
The Minister of Finance and Budget issued Order No. 25397/2015 to amend and supplement the August 2014 regulations governing foreign currency surrender at the Interbank Foreign Exchange Market. The Order mandates that all goods exporters and service providers subject to general law surrender 100% of their export revenues on the foreign exchange market within 30 days of repatriation. Local primary banks must report compliance to the Ministry, with non-compliance treated as a penalizable offense under the Foreign Exchange Code, and the Order takes immediate effect upon publication for an initial three-month period.
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