Saturday, March 2, 2024

Forex fee delayed

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THE TWO PER CENT FEE on foreign exchange transactions has been delayed.

The imposition on over-the-counter foreign currency transactions will start on July 17 and not July 1, as indicated in the Budget.

The Central Bank has given commercial banks and other affected institutions an “implementation window” until September 1, before the charge is imposed on credit card, debit card and travel card transactions.

In a guidance note issued on its website, the bank outlined a number of clarifications regarding the new fee, which would affect some of its business activities, authorised foreign exchange dealers, credit card providers issuing foreign currency and local cards that could be used overseas, and money service providers handling remittances. (GE)

Please read the full story in today’s Daily Nation, or in the eNATION edition.

 

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