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Moneychangers want move to hike capital annulled.

Summary: Association of Lebanese Moneychangers called on Central Bank to annul a decision that more than doubled requisite capital needed for licensing currency exchange businesses.

BEIRUT: Association of Lebanese Moneychangers called on Central Bank to annul a decision that more than doubled requisite capital needed for licensing currency exchange businesses.

The association said no foreign currency exchange business has ever been involved in money laundering, which the decision aims to combat.

The Central Bank had issued a circular last Thursday subjecting moneychangers to a hike in capital required to license their operations.

The circular said capital required from category A moneychangers should now be LL750 million, up by LL250 million, while capital of category B moneychangers should now be LL500 million, up by LL400 million.

The statement said foreign currency exchange businesses already in operation before the decision would have a one year grace period to implement the decision.

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Publication:The Daily Star (Beirut, Lebanon)
Date:Dec 15, 2011
Words:165
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