Regulatory Alerts2024-10-01
Circular No. 01/RC/22 on the Exchange Margin to be Applied by Banks in Foreign Exchange Transactions with Customers
The Banque de la République du Burundi issued Circular No. 01/RC/22 to mandate that banks apply a foreign exchange margin of ±2.0% (capping at ±5.0% including fees and commissions) when setting buying and selling rates for customer transactions, based on the BRB's published average rate. Banks must chronologically record and make available key transaction data, including beneficiaries, amounts, dates, applied rates with specified margins, and applicable fees. The circular also establishes a consumer protection complaint mechanism under Regulation No. 001/2019, mandates the display of rates and fees, repeals conflicting prior provisions, and takes effect upon publication in the Official Gazette and on the BRB website.
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