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. Last Updated: 07/27/2016

Exchange Cleanup

The Central Bank released a supplement to its instructions [to commercial banks and exchange booths on currency-exchange operations]. Its key stipulation was to grant exchange booths the right ... to exchange foreign currency of the same denomination, but with differing years of issue. It includes a stipulation giving banks the right to independently establish the size of commissions they will charge for conducting such operations ...

In addition to the permission to exchange old bills for new ones of the same denomination, the new document contains one other stipulation which will no doubt please exchange-booth clients. The question is one of simplifying the process for bringing claims against the employees of such booths. From now on, each exchange booth is supposed to have some means for its clients to appeal to the Central Bank's main directorate. And every regional headquarters is to have a special telephone line, through which complaints can be lodged against such employees.