Amnesty extended for mandatory provisions on foreign exchange

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Aug 18, 2022
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The Central Bank has extended for a month with effect from August 15 the mandatory requirement for those who have foreign exchange in their possession to either sell it to authorised dealers or deposit it in a foreign currency account.

This regulation was first imposed on June 16 where it reduced the amount in one’s possession to US$10,000 from $15,000 earlier and that all currencies should be sold or deposited in a foreign currency account.

The amnesty was then extended in July and now in August. These regulations are aimed at attracting more foreign exchange to the country at a time when there is a scarcity.