Regulatory Alerts2014-03-30
Added · Updated
FEPD Circular No. 16: Online Foreign Exchange Market Monitoring System
Authorized Dealers must submit seven specific foreign exchange statements through the Online Foreign Exchange Market Monitoring System web portal, replacing previous hard-copy requirements for six other statements. The new obligations include daily reporting of inter-bank transactions, exchange rates, and deal rates, as well as monthly reporting of unadjusted nostro entries and foreign exchange inflow-outflow. Daily statements must be submitted by specified deadlines, such as 11:00 a.m. for exchange rates and 2:00 p.m. for day-end balances, while monthly reports are due by the 7th and 10th of the following month. The transition begins on April 1, 2014, with regular online submission mandated from July 1, 2014, after which hard copies for the replaced statements are no longer required.
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