Regulatory Alerts2024-10-01
On the Approval of Exchange Offices and Their Managers
The Bank of the Republic of Burundi issued Circular No. 003/RC/2023 to establish the approval conditions, capital requirements, and operational standards for exchange offices and their managers. The regulation mandates minimum paid-up capital of 550 million Burundi Francs or 440,000 USD, alongside a permanent bank guarantee and cash reserves equivalent to 75% of net capital. It further outlines the documentation, qualification criteria for managers, grounds for rejection or withdrawal of approval, and the official fee schedule governing these financial institutions.
Share