New Decision by NBS: Exchange Office Must Prominently Display That It Has Been Penalized and Sell Foreign Currency to the Bank

Since the National Bank of Serbia (NBS) increased the control of exchange offices, 132 facilities have been temporarily closed.

As the NBS says, the authorization for carrying out exchange office activities has been temporarily removed in all these locations, but if they fail to comply with the regulations, the closing becomes permanent, the B92 portal reports.

The decision was made after the NBS carried out the control of several exchange office due to the allegations that they had been selling euros at a higher exchange rate.

According to the regulations, an exchange office is locked for 30 work days if that authorized exchange office does not meet the requirements for the carrying out of those activities, that is, if it acts counter to the laws and regulations. If, following that, irregularities are determined again, the NBS makes the decision to permanently revoke the authorization for the carrying out of exchange activities in all its exchange office locations.

The decision has been amended in the meantime, so now it says that “the authorized exchanger is obliged, immediately upon receiving the decision, to display that decision prominently in all its exchange office locations and to sell all the effective foreign money which is located in those exchange spots to the bank or the banks with which it has signed agreements and to pay the dinars acquired through that sale and the cash in dinars to its current account,” B92 reports.

Narodna banka Srbije Beograd

National Bank of Serbia

NBS

exchange offices

exchange offices operations control

exchange office activities

irregularities in operations of exchange offices