New rule to regulate currency exchange operations in Georgia
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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.
The National Bank of Georgia (NBG) is making further changes in its regulations, guaranteeing better secured services for the customers.
Georgia is taking actions to strengthen confidence in relationships between payment service providers and the customers and ensure the financial transactions are quick, safe and reliable for them.
The National Bank of Georgia has introduced a calculator for loan conversion to the national Georgian currency, the lari, in order to support the Larisation of Loans Program.
New rules has come into play for currency exchange street vendors in Georgia to ensure customers are better protected from currency-related manipulations.
Twenty-five currency exchange offices have been closed and 10 have been fined in Georgia’s capital city of Tbilisi for not abiding by the rule of registration and regulations set by the National Bank of Georgia (NBG) in 2016.