Regulatory Alerts1997-01-01
Directive No. 10/DSB/97 on the Sale of Traveller's Cheques by Commercial Banks
The Banking Supervision Directorate amends Directive 08/97 to establish an 11% commission rate for commercial banks selling Traveller’s Cheques to foreign exchange houses and their own clients. The directive caps individual sales at USD 100,000, mandates detailed reporting for control and replenishment purposes, and confirms an exemption from Stamp Duty under Law 4/96. It revokes the previous third point of Directive 08/97 and takes immediate effect.
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