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Currency Exchange Offices Will Have To Provide Information About Currency Exchange Rate And Commission Fee

Recently, there are more frequent cases of manipulation of citizens with the wrong currency exchange rates. To prevent this from happening and to protect the rights of the citizens, the president of Georgian National Bank ordered to register all currency exchange offices and establish regulations for them.  More precisely, currency exchange offices have to provide the clients with the information about the currency rate and the commission fee, which is defined by National Bank.

Considering the changes, currency exchange offices are obliged to give full information to customers about the currency exchange rate, commission fee and fixed rate. Fixed rate is a currency rate which is defined by the currency exchange offices and the difference between buying and selling the currency is usually more than 3%.

According to the rules, receiving the receipt became compulsory. Currency exchange offices will be obliged to sign the receipt for the currency exchange operation.  This will help the customer to check once again the conditions of currency exchange.

It has to be noted that if currency exchange offices do not provide the customers with sufficient information, they will lose the license and will not have an opportunity to ask National Bank for it, in the following 2 years.  During this period, the offender will not have a legal right to be  a partner/auctioneer or member/director of administration at the currency exchange office.