• Says that every effort will be made to strictly monitor and ensure compliance with all foreign exchange transaction regulations
  • Warns that any instances of non-compliance will be addressed with stern action
  • Emphasizes that continuously ignoring imposed regulations would deprive people of expected government support. in difficult times
  • Licensed banks and the trading community are urged to comply with applicable regulations

The Central Bank yesterday called on all players in the economy to act with “fair play” so that the unprecedented crisis underway can be resolved as soon as possible.

The Central Bank reiterated to all stakeholders in the economy that going forward, every effort will be made to strictly monitor and ensure compliance with all regulations on foreign exchange transactions, including repatriation requirements. export earnings, conversions and mandatory sales to the Central Bank. .

“Any instances of non-compliance will be subject to severe action under the provisions of all applicable laws,” the Central Bank warned in a statement to media yesterday.

He shared that despite the imposition of measures such as refund requirements on export earnings and the introduction of margin requirements, among others, it has come to the attention of the Central Bank that some players market do not fully comply with these regulations.

“Certain market players continuing to ignore the regulations imposed would deprive the population of the support expected from the government in difficult times. Such practices would also undermine the moral obligation of ‘equal burden sharing’ which is expected of all stakeholders in difficult and extraordinary circumstances,” the central bank said.

The financial sector regulator said a major factor contributing to the current crisis and the resulting difficulties is the lack of foreign currency liquidity in the banking system. Foreign exchange liquidity shortages have affected the supply of essential imports, including fuel.

He went on to say that overcoming the current economic challenges and difficulties requires substantial and concerted efforts by all players in the economy.

Accordingly, licensed banks and the trading community are urged to comply with applicable regulations and complement the efforts of the Government and the Central Bank to provide much needed assistance to all stakeholders in the economy in these extremely difficult circumstances. difficult.

The export trading community is urged to continue to repatriate all export proceeds within the stipulated timeframes and return residual earnings in accordance with regulations. In the meantime, the banking community is urged to ensure strict compliance with all foreign exchange regulations. Foul play by any stakeholder group would inevitably lead to a deepening of the crisis, thus having widespread adverse effects, the Central Bank noted.

“It is the duty of everyone to act conscientiously and responsibly, and to provide unhindered support during this hour of need, so that the nation recovers quickly and emerges stronger from this crisis,” noted the Bank. central.
The monetary watchdog stressed that together with the government, it has continued its unrelenting efforts to secure bridge financing to reduce and ease short-term economic strains.

He shared that notable progress has been made in the ongoing negotiations for an economic adjustment program with the International Monetary Fund (IMF). The debt restructuring process is also underway, ably assisted by legal and financial advisers, he added.

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