Bureau de Change Licence Revoked
Monday, November 10, 2014
Accordingly, the public is advised not to transact foreign exchange business with any person purporting to trade in the name of Premier Bureau de Change, the bank said in a statement. In the press release, Bank of Botswana head of communications, Andrew Sesinyi also reminded the public that it is a criminal offence, to conduct the business of buying and selling foreign currency without a valid licence issued by the Bank.
The Francistown Umbrella Informal Sector chairperson, David Mbulawa, has highlighted this growing concern, revealing that many local traders are using their licences to facilitate the entry of foreign goods into the market at a fee.Fronting undermines the very fabric of our local economy. It allows foreign traders to exploit the system designed to benefit Batswana, using local licences to cross borders and sell goods at prices intended for local...