Circular No. 006/RC/2023 on the Procedures for Transmitting Periodic Reports and Annual Financial Statements by Exchange Bureaus

CENTRAL BANK OF THE REPUBLIC OF BURUNDI

THE GOVERNOR

CIRCULAR NO. 006/RC/2023 ON THE PROCEDURES FOR TRANSMITTING PERIODIC REPORTS AND ANNUAL FINANCIAL STATEMENTS BY EXCHANGE BUREAUS

Having regard to Law No. 1/34 of 02 December 2008 establishing the Statutes of the Central Bank of the Republic of Burundi;

Having regard to the Foreign Exchange Regulations of 28 December 2023;

The Central Bank of the Republic of Burundi, hereinafter referred to as the "Central Bank", hereby issues:

Article 1: Purpose

This circular aims to specify the reports and financial statements to be submitted to the Central Bank by exchange bureaus.

Article 2: Responsibilities of Exchange Bureau Management

Management of exchange bureaus must ensure the proper recording of foreign currency purchase and sale transactions, as well as the quality and reliability of the financial statements submitted to the Central Bank.

The reports and financial statements are finalized under their responsibility.

Article 3: Reports and Financial Statements to be Submitted

Exchange bureaus must submit to the Central Bank the daily report on foreign currency purchase and sale transactions according to the format in Annex 1, and any other information required by the Central Bank.

They must also submit to the Central Bank the annual financial statements comprising the balance sheet and income statement according to the formats in Annexes 2 and 3. The financial statements of exchange bureaus are finalized as of 31 December of the relevant year.

Exchange bureaus maintain their accounts in accordance with the standards set forth in the national chart of accounts.

Article 4: Submission Deadlines

Certified annual financial statements must be submitted to the Central Bank no later than 31 March of the following year.

Daily reports on foreign currency purchase and sale transactions must be submitted to the Central Bank by the end of the relevant day.

Article 5: Entry into Force

This circular enters into force on the day of its publication on the Central Bank's website and in the Official Bulletin of Burundi.

Done in Bujumbura, on 28 December 2023

Edouard NINDORERA Governor

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ANNEX 1

NAME OF EXCHANGE BUREAU:

DAILY STATEMENT OF FOREIGN CURRENCY SALES (BY CURRENCY) AS OF DATE:..........................

Date	Order No.	Client Name	Amount	Exchange Rate	Conversion Value in BIF	Purchase Slip No.	Reason for Transaction	Client ID Number	Client Mobile Phone	Client Country of Residence	Physical Address

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ANNEX 2

Name of exchange bureau:

BALANCE SHEET AS OF 31 DECEMBER 20...

Order No.	ASSETS	Amounts in BIF	LIABILITIES	Amounts in BIF
1	Cash		Loans
2	Central Bank
3	Commercial Banks
4	Other Debtors	Other Creditors
	- advances to staff		- Taxes
	- tax and duty prepayments		- INSS
	- others		- Others
5	Fixed Assets		Equity
			- Share Capital
			- Reserves
			- Result
	TOTAL ASSETS		TOTAL LIABILITIES

Date:

Stamp and Signature:

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ANNEX 3

Name of exchange bureau:

INCOME STATEMENT AS OF 31 DECEMBER 20...

Order No.	EXPENSES	Amounts in BIF	REVENUE	Amounts in BIF
1	Foreign Exchange Losses		Foreign Exchange Gains
2	Foreign Exchange Commission Fees
3	Interest on Loans		Interest on Bank Deposits
4	General Expenses:		Other Revenue
	- Rent;
	- Staff expenses;
	- Other expenses
5	Depreciation Provisions
6	Income Tax
7	Profit		Loss
	TOTAL EXPENSES		TOTAL REVENUE

Date:

Stamp and Signature: