Central Bank warns about black market foreign exchange trade

Wednesday, May 11, 2016 - 20:00

The Central Bank is warning citizens that foreign exchange transactions on the black market are illegal.

In a release issued today the bank stated that persons conducting foreign exchange transactions outside of the 12 authorized dealers maybe liable to a fine or face the possibility of a jail term, from anywhere between two to five years.

In the notice, the bank is reminding the population of the law which states, “on conviction, on indictment to a fine and to imprisonment for five years and where the offence is concerned with any currency, any security, any gold, any goods or any other property, the court may, if it thinks fit, order the currency, security, gold, goods or property to be forfeited.”

The notice comes as members of the business community continue to complain of a foreign exchange shortage.

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