RegAlert2024-10-01
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On the Conditions for Opening an Agency of a Foreign Exchange Bureau
The Bank of the Republic of Burundi, acting through its Governor, has issued Circular No. 005/RC/2023 to establish the specific conditions for foreign exchange bureaus to open branch agencies. The regulation mandates that applicants submit a formal letter with analysis fees, demonstrate operational strengthening and public interest, maintain compliance with current foreign exchange rules, provide a three-year feasibility study, and present qualified management and cashier personnel. The Central Bank reserves the right to refuse applications that fail to meet these criteria or to order the closure of non-compliant agencies, with the circular taking effect upon publication on its website and in the Official Gazette.
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BANK OF THE REPUBLIC OF BURUNDI
THE GOVERNOR
CIRCULAR NO. 005/RC/2023 ON THE CONDITIONS FOR OPENING
AN AGENCY OF A FOREIGN EXCHANGE BUREAU, ISSUED PURSUANT TO THE FOREIGN EXCHANGE REGULATIONS
Having regard to Law No. 1/34 of December 2, 2008 on the Statutes of the Bank of the Republic of Burundi; Having regard to the Foreign Exchange Regulations of December 28, 2023;
The Bank of the Republic of Burundi, hereinafter referred to as the "Central Bank", hereby enacts:
Article 1: Purpose
This circular aims to specify the conditions for opening an agency of a foreign exchange bureau.
Article 2: Definition
For the purposes of this circular, an agency of a foreign exchange bureau is defined as any premises installed or established outside the head office through which a foreign exchange bureau conducts foreign currency purchase and sale operations.
Article 3: Conditions for Opening an Agency of a Foreign Exchange Bureau
The application to open an agency of a foreign exchange bureau is submitted by a letter addressed to the Governor of the BRB, along with payment of the application analysis fees.
To open an agency, a foreign exchange bureau must:
- demonstrate that the agency will strengthen its operations and performance and presents a clear interest to the public;
- comply with the provisions of the applicable foreign exchange regulations;
- provide a feasibility and profitability study document for at least 3 years (business plan) for the agency;
- submit the file of the proposed manager(s) and cashier(s) for said agency.
The BRB may request additional documents to accompany the application for opening an agency.
Article 4: Refusal to Open an Agency of a Foreign Exchange Bureau
The Central Bank may refuse the opening of an agency of a foreign exchange bureau, particularly if any of the conditions set out in Article 3 are not met.
Article 5: Closure of an Agency of a Foreign Exchange Bureau or its Managers
The Central Bank may order the closure of an agency of a foreign exchange bureau, without prejudice to sanctions provided by other legislative and regulatory texts in case of serious breach, particularly regarding the conditions set out in Article 3.
Article 6: Entry into Force
This circular enters into force on the day of its publication on the Central Bank's website and in the Official Gazette of Burundi.
Done at Bujumbura, on December 28, 2023
Edouard Normand BIGENDAKO
Governor. -
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Lineage: In force
Source: Banque de la Republique du Burundi — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
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