Regulatory Alerts2011-07-28 | TED.FEM.GEN.FPC.01.011Foreign Exchange Cash Sales to Bureaux De Change (BDCs) by Banks
The Trade and Exchange Department of the Central Bank has issued a circular, dated July 28, 2011. It establishes limitations on cash sales to Bureaux de Change by Authorized Dealers (ADs). Each AD is limited to selling USD 500,000 per week from autonomous funds to only one Bureau De Change (BDC) operator. Furthermore, each BDC can purchase foreign exchange only from a single AD in a given week. The department urges compliance and returns submission for these transactions, with any violation facing appropriate sanctions. This circular replaces the previous one issued on June 24, 2011. Sulwarm BATARI MUSA is the Director of the Trade & Exchange Department.
CENTRAL BANK OF N TRADE & EXCHANGE DEPARTMENT Tel:.
Fax : .
e-mail.address:ted@cenbank.org July 28, 2011 TED/FEM/GEN/FPC/01/011 TO: ALL AUTHORISED DEALERS, BUREAUX DE CHANGE OPERATORS AND GENERAL PUBLIC FOREIGN EXCHANGE CASH SALES TO BUREAUX DE CHANGE (BDCs) BY BANKS In the continuing effort to sustain exchange rate stability in the Foreign Exchange Market, Authorized Dealers (ADs) are hereby informed that a maximum of USD500,000.00 (Five hundred thousand United States Dollars Bureaux De Change has been approved for each AD to sell to only) Operators per week from autonomous funds.
Furthermore, each BDC is limited to purchase foreign exchange from only one Authorised Dealer per week.
Authorised Dealers and BDC operators are, therefore, enjoined to ensure compliance and render appropriate returns of the transactions, as any contravention shall be sanctioned appropriately.
This circular supersedes the earlier one on the subject dated June 24, 2011.
Sulwarm BATARI MUSA DIRECTOR TRADE & EXCHANGE DEPARTMENT