Regulatory Alerts2024-09-01
Regulation No. 002/2023 on the Interbank Foreign Exchange Market (MID)
The Bank of the Republic of Burundi issued Regulation No. 002/2023 to establish and govern the Interbank Foreign Exchange Market (MID), where commercial banks conduct all foreign currency exchanges against the Burundi Franc under central bank supervision. The regulation mandates that MID operations utilize a secure, circular-defined electronic channel for submitting buy/sell offers and requires participants to report all transactions through this designated system. It further outlines the market's operating hours, settlement procedures, and the central bank's authority to publish closing rates or intervene directly in currency trading.
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