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New Guidelines for operating a Foreign Exchange Bureau
The following are the new conditions to be fulfilled before a Licence would be issued by the Bank of Sierra Leone for the opening of a Foreign Exchange Bureau.
- Obtain at a fee to be determined by the Bank of Sierra Leone, an Application Form for the Foreign Exchange Bureau Licence.
- Forward completed Application Form with Registration Certificate/Certificate of Incorporation and licence in a sealed envelope to the International Finance Department, Bank of Sierra Leone.
- Must have premises deemed suitable for Bureau operations following inspection by Bank of Sierra Leone. Such premises shall be solely for the operations of the Bureau.
- Must open Foreign Currency Account at any Commercial Bank in Sierra Leone in the name of the Bureau to be used solely for the day-to-day operations of the Bureau. Hold a minimum balance in the account as determined by the Bank of Sierra Leone.
- Submit the names, signatures/designations and qualifications of the officials of the Bureau to the Director of International finance Department, Bank of Sierra Leone.
- The Director must be informed immediately of any change in the composition of the officials of the foreign Exchange Bureau.
- Shall pay the prevailing licence fee as may be determined by the Bank of Sierra Leone. For further details regarding the setting up and operation of a Foreign Exchange Bureau in sierra Leone please refer to the Exchange Control (Foreign Exchange Bureaux) Order contained in the Public Notice No.33 of 1994 or contact the Director of International Finance Department, Bank of Sierra Leone, P. O. Box 30, Freetown.
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