Sanctions will be Applied against the Illegal Exchange Bureaus

Sanctions will be Applied against the Illegal Exchange Bureaus

06 February, 2006
The deadline for the illegal exchange bureaus to put their activities within the legal framework is February 15. After this date, the National Bank of Georgia will apply sanctions established by the law against the illegal exchange bureaus.   A month ago, the Decree of the President of the National Bank of Georgia came into force on the basis of which the conditions for opening exchange bureaus were significantly simplified. Namely, a space required for the exchange bureau was reduced twofold. Besides that, the time required for the issuance of a license was substantially limited; the National Bank conclusion on the readiness of a cash desk was reversed.  In order to open an exchange bureau it will not be necessary to present a notification from the commercial bank about holding the account, as well as a business-plan. Besides that the existence of only one window is not obligatory any more.   “Only the requirements for the prevention of false money circulation and protection of the population remain into force”, - noted the Vice-President of the National Bank of Georgia Ekaterine Galdava.   According to the information of the Supervision Department of the National Bank of Georgia, there are 556 exchange bureaus functioning in Georgia. 393 among them are located in Tbilisi. It should be noted, that 130 exchange bureaus are functioning without any license in Tbilisi.