Henceforth, the Central Bank will be responsible for issuing operating licenses for exchange bureaus and remittance service providers operating in the country.
Resolutions CD-BCN-LIX-1-19 and CD-BCN-LIX-2-19 were published in the Official Journal, La Gaceta, on March 19, 2020, by which the Board of Directors of the BCN authorized the "Regulations for Providers of Foreign Exchange and/or Purchase Services" and the "Regulations for Remittance Payment Services", respectively, reported the Central Bank of Honduras.
The volume of operations in the foreign exchange market totaled $1.233 billion in August 2018, registering an increase of 23% with respect to the same month in 2017.
The volume of operations in the foreign exchange market totaled $1.233 billion in the month of August (purchases: $485.7 million and sales $747.3 million), with a daily average of $45.7 million, reported the Central Bank of Nicaragua (BCN).
The volume of operations in the foreign exchange market totaled $1.067 billion during July 2018, registering an increase of 13% with respect to the same month in 2017.
The volume of operations in the exchange market totaled 1,068.0 million dollars in the month of July (purchases: US $447.0 million and sales US $620.9 million), with a daily average of 44.5 million dollars, reported the Central Bank of Nicaragua.
Banks in Costa Rica are opposed to the Central Bank's proposal to modify the rules so that entities buy and sell dollars at the same prices, regardless of whether the amounts to be traded are large or small.
The objective of the changes proposed by the Central Bank of Costa Rica (BCCR) is for banks to always use the same exchange rate for their purchases and sales of dollars, regardless of whether they are large or small amounts.See "The Same Exchange Rate for Everyone"
Following the ending of the contract with the company Exact Change, which offers the service of exchanging currency, Aeris Holding Costa Rica has started procedures for selecting a new provider.
The company managing Juan Santamaria International Airport announced the end of the contract with the Spanish exchange services provider Exact Change, due to the fact that it has not completed the process of registering with the Central Bank of Costa Rica and the Superintendent of Financial Institutions. Therefore preparations are being made, for the coming months, to release specifications for a new tender for the service.
Appreciation of the quetzal against the dollar has affected the income of exporters who are asking the monetary authority to stop overvaluation of the local currency.
The President of the Guatemalan Association of Exporters (Agexport) reported that the strength of the quetzal is causing products in the country to be more expensive and therefore a change in monetary policy is needed.
The activity is now regulated by the Superintendency of Securities, with brokerage houses restricted.
Prensa.com reports that "the new regulations reflect concerns about Panama's capital market in relation to a significant number of operational houses selling consulting services and developing activities in the forex market, without the need to obtain a license or approval by the Government ".
In the next two years, the RMB or Chinese yuan could become one of the major currencies used in global trade.
This was said in London by Douglas Flint, chairman of HSBC Holdings SA, adding that "the renminbi (RMB) will be a growing part of normal business in the everyday life for anyone who trades or invests in China."
"All international business with an eye on China should consider the potential benefits of using the RMB and the investment opportunities in RMB that have been created around the world with the support of the burgeoning overseas markets, particularly in foreign bonds markets," he said.
In Nicaragua the news that Western Union is studying the possibility of paying remittances in local currency, has sparked an immediate opposition from subagents nationwide.
According to Gilberto Prada, general manager of AirPak Western Union, the initiative aims to attract and not repel customers. However, the official clarified that paying transfers in local currency is still under analysis and for now payments will still be made in dollars.
The administrators of the Panamanian airport terminal are working on a tender for provision of a foreign exchange service.
The international tender is expected to be made before the end of this year, said Juan Carlos Pino, manager of Tocumen S.A.
"Enrique Pesantez, a tour operator, believes the currency exchange service at the airport will undoubtedly help tourists in the country because few companies offer this service.
Since January 1st, new regulations are in place for transactions over $3,000.
These regulations require individuals and companies to provide documentation for each transaction over $3,000. Said papers will be stored by the bank in a file.
“These include an affidavit in which the customer assures the legitimacy of the funds and declares that its origins are legal”, reported Prensalibre.com.
Starting January 2011, cash transactions exceeding $ 3000 must meet additional requirements
The chairman of the Monetary Board (JM), Edgar Barquin said that transactions of less than $ 3 thousand only require name, identification and legal address.
For amounts over the $ 3,000 more information will be requested and the operation must be guaranteed by a bank official.
Starting today, there is no entrance fee for participating in the wholesale dollar market.
Banks, financing companies, currency exchanges, stock brokers, corporations and individuals can buy and sell U.S. dollars electronically in this wholesale market.
From Nacion.com: "The minimum transaction volume is $1.000. Financial entities access the system through Sinpe, the National Payments System.
Starting October 5, the entrance fee for the wholesale currency market Monex will be waived.
The market, operated by the Central Bank of Costa Rica, currently has an entrance fee of $427 (¢250.000), both for companies and individuals.
"Initially, the fee was going to be waived on August 1, but was postponed for September 14, in order to include digital signatures", reports Nacion.com.
The monetary authority of Guatemala, Banguat, continued to intervene in the market by selling dollars to address a rise that could be due to speculation.
Authorities and analysts argued about the causes for the appreciation of the US currency for which there are apparently no clear causes.
Yesterday, March 18, the reference exchange rate was Q8.10 for $1 US, while at some banks the selling price of the currency was being quoted between Q8.14 and Q8.18.