Foreign Exchange Regulations
Ireland: Forex Regulations
Ireland: Forex Regulations Exchange controls: Overview All exchange-control legislation in Ireland expired on December 31st 1992. No prohibitions have been in place since January 1st 1993 that would prevent the free movement of capital or current payments to/from the state by individuals or corporate entities for any purpose whatsoever. This liberalisation applies equally to EU [...]
Ecuador: Forex Regulations 5 Jan 2012
Ecuador: Forex Regulations The US dollar has been Ecuador’s official currency since April 2000. The Economic Transformation Law (March 2000) requires all financial transactions conducted by or through financial institutions to be denominated in US dollars. Decisions 291 and 292 of the Cartagena Accord (Acuerdo de Cartagena), of March 22nd 1991, created the Common Regime [...]
Czech Republic: Forex Regulations 5 Jan 2012
Czech Republic: Forex Regulations Exchange controls: Overview The koruna, the Czech currency, is fully convertible for current-account and most capital transactions, and the country’s foreign-exchange regulations abide by the conventions of both International Monetary Fund and European Union. The Czech National Bank (Ceska narodni banka-CNB), the central bank, is responsible for overseeing and administering foreign-exchange [...]
Canada: Forex Regulations
Canada: Forex Regulations Exchange controls: Overview No direct controls hinder the movement of capital or other payments into or out of Canada. Starting in October 2008, however, the federal government strengthened its anti-money-laundering regime to deal with the increased threat of terrorism and to align itself with international best practices. The federal government has been [...]
South Korea: Forex Regulations
South Korea: Forex Regulations The Ministry of Strategy and Finance (MOSF) and the Bank of Korea (BoK; the central bank) run South Korea’s foreign-exchange system. Individual banks set rates based on market conditions. Generally, the same rates prevail at all banks. The MOSF is empowered to direct exchange-rate policy, stop foreign-exchange (forex) transactions in an [...]
Israel: Forex Regulations
Israel: Forex Regulations Israel abolished almost all foreign-currency restrictions on households and business as from May 14th 1998. The few restrictions that remained, relating to institutional investors and derivatives transactions of non-residents, were abolished at end-2002. Individuals and financial intermediaries must issue reports on foreign-currency transactions. The Bank of Israel (the central bank) collects and [...]
Egypt: Forex Regulations
Egypt: Forex Regulations Egypt has a relatively liberal foreign-exchange regime, despite cautious measures by the central bank to slow down foreign-currency repatriation amid the political turbulence of early 2011. The rampant black market for US dollars and other foreign currencies, which prevailed before 2005, has not reappeared as a significant factor in business transactions. In [...]
El Salvador: Forex Regulations
El Salvador: Forex Regulations – Salvadoran law provides for a dual-currency system with the US dollar and the colon, though the dollar is used almost exclusively in the domestic economy. The US dollar is used for all trade transactions in the country, and all accounts have been recorded in US dollars since January 1st 2001. [...]
Singapore: Forex Regulations
Singapore: Forex Regulations – Singapore has no significant restrictions on foreign-exchange transactions and capital movements. Funds may flow freely into and out of the country. Nevertheless, the government imposes certain restrictions on borrowing Singapore dollars for use offshore. This non-internationalisation policy aims to prevent the borrowing of Singapore dollars for currency speculation, but the government [...]
New Zealand: Forex Regulations
New Zealand: Forex Regulations – New Zealand ended all foreign-exchange controls in 1984, though certain types of investment may be subject to approval requirements. No official reporting requirements apply when remitting funds overseas. Nevertheless, monitoring of foreign-exchange transactions has increased since passage of the Financial Transactions Reporting Act 1996, designed to combat money-laundering. The law [...]
