Jun 29, 2021

Regulations on foreign exchange extended

The Cabinet of Ministers has granted approval to further extend the order issued to impose certain restrictions on foreign exchange remittances.

Accordingly, restrictions on foreign exchange remittances will remain in place for further six months from the 2nd of July.

The government issued orders under Section 22 of the Foreign Exchange Act of 2017 to suspend external remittances related to certain transactions, taking into account the negative impact on the country’s foreign reserves and foreign exchange market due to the COVID-19 epidemic.

According to the Cabinet paper presented by the Prime Minister the Central Bank has recommended the extension to minimize potential risk in the foreign exchange market and maintain the stability of the financial system.