Notice – 6/ GBM / 2017 – Sets the principle of the unity of the exchange rate and maximum spread between the purchase and sale rate of foreign currency and revokes the Notice no. 1 / GGBM / 2005, of 25 May

This notice lays down sets the principle of the unity of the exchange rate and maximum spread between the purchase and sale rate of foreign currency. It applies to banks and bureaux de change.

This Notice presents with regard to the revoked Notice of 2005 the following amendments:

• The Notice introduces unity of the exchange rate, i.e., the entities covered by the Notice must, in transactions with the public, regardless of their nature or purpose, apply single exchange rates;

As for the remaining part, the Notice keeps the laid down in the former Notice i.e:

1.  Duty to comply with a maximum spread of 2% (two percent) between the exchange rates of buying and selling;
2. That the currency exchange table must be placed in a visible place and easy to consulted by the public.

Erna Guetsa

Lawyer