Capital requirements for foreign exchange bureaus (FEB) – is not a strange? This small business entities work mostly only on small amounts from $5 to $50 operations. So their liabilities seldom take more than 5 minutes and $200.
So what for the Central Bank of Georgia (NBG) and the IMF are recommending to introduce capital requirements for FEBs?
These requirements are to support other genius inventions of NBG – requirement of fit and proper, minimum space, special machine to recognize false notes etc.
Georgian Government was ready to eliminate all the requirements but NBG insisted and IMF supported.
So what for the Central Bank of Georgia (NBG) and the IMF are recommending to introduce capital requirements for FEBs?
These requirements are to support other genius inventions of NBG – requirement of fit and proper, minimum space, special machine to recognize false notes etc.
Georgian Government was ready to eliminate all the requirements but NBG insisted and IMF supported.
As Georgians say – I don’t know to laugh or to cry?!
