Central Bank issues notice to public and money changers

Tuesday, 29 March 2022 01:53 - - {{hitsCtrl.values.hits}}

The Central Bank yesterday issued a notice highlighting that money changers have been prohibited from offering higher exchange rates to customers beyond the exchange rates stipulated to them by Licensed Banks.

“The public is hereby notified that in terms of the provisions of the Foreign Exchange Act, No. 12 of 2017, money changers have been prohibited from offering higher exchange rates to customers beyond the exchange rates offered to such money changers by Licensed Banks,” the banking regulator said.

The Central Bank said that money changers have been informed that their licenses would be suspended or revoked if they transact any foreign currency transactions at rates beyond the amounts stipulated by Licensed Banks.

“The public is requested to inform the Department of Foreign Exchange via the following telephone numbers or the email address of any instances that a money changer offers higher exchange rates for any transaction,” the Central Bank said.

Telephone : 0112398523 - 0112398827 - 0112477375 - 0112398568

Email: [email protected]