Regulatory Alerts2023-07-12
Circular 13/2012 on Resumption of Prepaid Plastic Card Issuance and Authorization for Commercial Banks to Issue Cards Against Foreign Currency Accounts
The regulatory authority issued Circular 13/2012 to resume prepaid plastic card issuance and authorize commercial banks to activate and issue cards against foreign currency-denominated accounts. The directive explicitly permits financial institutions to utilize foreign exchange balances as the underlying basis for card operations, thereby broadening funding mechanisms. This regulatory update streamlines cross-currency payment processing and expands commercial banks' capacity to issue value-based cards without restricting them to local currency accounts.
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