Regulatory Alerts1993-02-01
Directive No. 01/DSB/93: Public Sale of Foreign Exchange
The Banking Supervision Directorate issued Directive No. 01/DSB/93 to establish procedures for the public sale of foreign exchange to authorized commercial banks operating in the country. The directive mandates that foreign exchange acquired through public sales must exclusively fund newly licensed operations involving goods, invisibles, and capital, and strictly prohibits using these funds to settle arrears. Additionally, it bans all credit operations intended to finance foreign exchange purchases during public sale sessions until official credit limits are formally established.
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