Regulatory Alerts1992-07-20
Instruction No. 4/92: Exchange Rate Policy - Floating Exchange Rate Market Regulation
The Governor issued Instruction No. 4/92 to expand commercial bank participation in the floating exchange rate market by authorizing accredited institutions to sell foreign currency to service importers. The directive mandates that all such transactions require a pro forma invoice from exporters, and imports exceeding US $10,000 must additionally be supported by a Prior Import Registration Form reflecting the floating market exchange rate. Accredited institutions must retain all transaction documentation in accordance with existing regulatory filing periods, and the measure takes immediate effect.
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