Regulatory Alerts2022-12-10
Circular No. 02/RC/20 on Margins Applicable by Banks in Foreign Exchange Operations with Customers (Revised December 10, 2022)
The Banque de la République du Burundi issued Circular No. 02/RC/20 to establish fixed foreign exchange margins that banks must apply when transacting with customers, varying by currency source and transaction type. The regulation mandates that banks display reference rates prominently, maintain dedicated accounts for exchange office operations, and submit weekly utilization reports to the central bank. Non-compliance triggers mandatory refunds of overcharges plus a 50% compensation premium, with unremitted funds directed to the General Treasury Account within ten days.
Share