Regulatory Alerts2024-10-01
On the Conditions for Opening an Agency of a Foreign Exchange Bureau
The Bank of the Republic of Burundi, acting through its Governor, has issued Circular No. 005/RC/2023 to establish the specific conditions for foreign exchange bureaus to open branch agencies. The regulation mandates that applicants submit a formal letter with analysis fees, demonstrate operational strengthening and public interest, maintain compliance with current foreign exchange rules, provide a three-year feasibility study, and present qualified management and cashier personnel. The Central Bank reserves the right to refuse applications that fail to meet these criteria or to order the closure of non-compliant agencies, with the circular taking effect upon publication on its website and in the Official Gazette.
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