Changes in Foreign Currency Purchases
- Purchases over $50,000 equivalent:
Resident legal entities are required to specify the purpose of the purchase, provide the bank with a currency contract, and an obligation to return any unused currency. This requirement applies to the total amount of all client applications within one working day, regardless of the purchase purpose.
- Purchases up to $50,000:
Clients can acquire currency for any purpose without providing supporting documents, but only at one bank.
- Currency Contract:
To purchase currency related to obligations under a currency contract, it is necessary to provide the contract to the bank regardless of the transaction amount.
Changes in Foreign Currency Transfers
- Mandatory data for transfers:
When transferring currency to another bank, it is required to indicate the date of purchase, the number, and the date of the currency contract.
Without this information, the bank will refuse to execute the transaction.
- Monthly Reporting:
Authorized banks must submit reports on currency operations to the National Bank by the 18th of each month, including:
- For legal entities: transactions amounting to $50,000 and above, as well as cashless transactions regardless of the amount.
- For individuals: transactions amounting to $10,000 and above, as well as cashless transactions from $1,000.
The equivalent of transactions in other currencies is recalculated at the market rate on the date of execution.
These changes are aimed at enhancing control over currency operations and ensuring the transparency of financial processes.