Regulatory Alerts1997-01-01
Directive No. 07-DSB-1997, dated January 1
The Banking Supervision Directorate requires exchange offices to acquire travellers checks directly from commercial banks and apply the secondary market official exchange rate plus all associated financial costs. The directive authorizes a sales commission of up to three percent on the transaction counter-value and takes immediate effect, repealing Directive No. 11/DSB/96 dated August 15, 1996. This regulation standardizes foreign currency sales to travellers by aligning transaction pricing with prevailing secondary market rates and bank purchase costs.
Share