Regulatory Alerts2017-05-08
Added · Updated
Circular dated May 7, 2017 regarding limiting exchange companies’ transactions with banks
The document limits the number of exchange companies with which any single bank may contract under the 2003 foreign exchange rate determination instructions to a maximum of seven companies. Banks are required to submit copies of their agreements with exchange companies regarding this matter. A compliance period of three months is granted to both exchange companies and banks to adhere to these new restrictions.
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fx
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