New rule to regulate currency exchange operations in Georgia

The National Bank of Georgia has ratified a new rule for the registration and regulation of currency exchange offices to protect customers’ interests.

The new rule obliges currency exchange offices in Georgia to agree to refund exchanges and return exchanged money back to a customer if he or she presents a confirmation receipt within 30 minutes after the initial transaction.

In addition, the new rule will also regulate certain aspects of the operation space of currency exchange offices.

The new regulations will come into play from today for currency exchange offices registered after February 28, announced the National Bank of Georgia.

However, offices that were registered before February 28 will have time until January 1, 2019, to bring their operations in compliance with the new rules.