Opening a Currency Exchange Office has Simplified Considerably
12 January, 2006
The President of the National Bank of Georgia Roman Gotsiridze signed the order under which opening of exchange offices has considerably simplified. According to the rule effective hitherto the license conditions for such activities were heavy enough, thus facilitating the rise of unlicensed offices in the market. A new order will change the situation radically and make the activities of those working in the market legal.
According to the Supervision Department of the National Bank of Georgia 556 licensed currency exchange offices are operating in Georgia on the whole, 393 of which are located in Tbilisi. It must be noted that 130 currency exchange offices are operating without any license in the capital.
According to the above-mentioned order the area required for opening exchange offices decreased twofold; moreover, the license issuance term has been significantly limited; the report of the National Bank of Georgia on the readiness of a cash office has been cancelled, a notification of having an account with a commercial bank, the presentation of a business plan and existence of only one window for the cash office will not be required any more for opening a currency exchange office. Only the requirements ensuring the prevention of false currency circulation have been remained, thus protecting the population.
The order of the President of the National Bank of Georgia will come into force upon its publication.