Regulatory Alerts2024-10-01
Circular No. 004/RC/2023 on the Tariff Schedule for Services Provided by the Bank of the Republic of Burundi to Foreign Exchange Bureaus
The Bank of the Republic of Burundi issued Circular No. 004/RC/2023 to establish a fixed tariff schedule for services provided to foreign exchange bureaus and their agencies. The regulation mandates annual supervision fees of 2,000,000 BIF and software acquisition costs of 2,000,000 BIF, payable via automatic debit by January 31 each year. It further standardizes application and approval fees ranging from 500,000 to 5,000,000 BIF for licensing, operational changes, and regulatory compliance.
BANK OF THE REPUBLIC OF BURUNDI
THE GOVERNOR
CIRCULAR NO. 004/RC/2023 ON THE TARIFF SCHEDULE FOR SERVICES PROVIDED BY THE BANK OF THE REPUBLIC OF BURUNDI TO FOREIGN EXCHANGE BUREAUS, ISSUED PURSUANT TO THE FOREIGN EXCHANGE REGULATIONS
Having regard to Law No. 1/34 of December 2, 2008 establishing the Statutes of the Bank of the Republic of Burundi;
Having regard to the Foreign Exchange Regulations of December 28, 2023;
The Bank of the Republic of Burundi, hereinafter referred to as the "Central Bank", hereby issues:
Article 1: Purpose
This circular aims to establish the tariff schedule for services provided by the Central Bank to foreign exchange bureaus.
Article 2: Categories of Tariffed Services
The services tariffed by the Central Bank in respect of foreign exchange bureaus are subdivided into the following categories:
- fees for file analysis of a foreign exchange bureau or an agency;
- fees related to the issuance of approval certificates and operating permits;
- annual supervision fees for foreign exchange bureaus;
- fees for acquiring the management and supervision software (BUREX) for a foreign exchange bureau or an agency;
- fees related to changes in initial approval conditions.
The services and corresponding tariffs are recorded in the schedule attached to this circular.
Article 3: Procedures for Collecting Annual Supervision Fees and Other Fees
The annual supervision fees, as fixed in the attached schedule, are payable by foreign exchange bureaus no later than January 31 of each year.
These annual fees are collected by automatic debit from the account of the concerned foreign exchange bureau held in the books of the Central Bank.
All other fees are payable by deposit into the reserved accounts of the Central Bank.
Article 4: Entry into Force
This circular enters into force on the day of its publication on the Central Bank's website and in the Official Gazette of Burundi.
Done at Bujumbura, on December 28, 2023
Edouard Normand BIGENDAKO
Governor.
Annex
| Description of Services Provided | Tariffs in BIF |
|---|---|
| 1. File Analysis | |
| a) Application for approval of a foreign exchange bureau | 1,000,000 |
| b) Application for approval of a foreign exchange bureau manager (Manager) | 500,000 |
| c) Application for authorization to open an agency | 1,000,000 |
| 2. Issuance of Approval Certificate and Operating Permit | 5,000,000 |
| 3. Annual Supervision Fee for Foreign Exchange Bureaus | 2,000,000 |
| 4. Acquisition of Management and Supervision Software (BUREX) for a Foreign Exchange Bureau | 2,000,000 |
| 5. Acquisition of Management and Supervision Software (BUREX) for an Agency | 2,000,000 |
| 6. Application Related to Changes in Initial Approval Conditions | |
| a) Application for relocation | 500,000 |
| b) Application for change of shareholding | 1,000,000 |
| c) Application for resumption of activities by a foreign exchange bureau that has temporarily suspended operations | 500,000 |
| d) Application for change of name | 5,000,000 |
| e) Application for temporary suspension of activities | 500,000 |