Central Bank launches
currency exchange platform
Required to be used by
licensed money changers
Money changers must carry out foreign exchange (forex) transactions through the electronic platform that was specifically created by the Central Bank (BDL) for this purpose, according to a new BDL circular.
All forex transactions must be entered on the ‘Sayrafa’ mobile application (app). The app will be uploaded on special tablets that will be delivered to forex firms.
The decision is part of BDL’s efforts to curb the sharp deterioration of the exchange value of the lira. It will be implemented starting from June 23, 2020.
The daily price of the dollar set by a forex firm (or the price of any foreign currency that could be introduced at a later stage) must be entered on the ‘Sayrafa’ app before 9 A.M. on a daily basis. The price could be changed during the day. All branches of the same forex company must use the same unified price.
Forex dealers must abide by an exchange rate ceiling that the Central Bank may decide to impose. They must also abide by common standards for buying-selling price margins. The foreign exchange department of BDL’s Banking Control Commission will supervise forex firms to make sure they comply with these regulations.
All information related to a forex transaction and required by BDL must be immediately entered on the ‘Sayrafa’ app. The required information include the date and value of the forex operation, identity of the customer, whether the customer is a natural or legal person or a forex firm, the customer’s phone number, and a copy of their identity card or other official documents.
Reported by Shikrallah Nakhoul
Date Posted: Jun 10, 2020