Additional Note to Circular 118-1 to money transfer houses
Summary: Additional Note to Circular 118-1 to money transfer houses of the Bank of the Republic of Haiti — an instrument published alongside circular 118-1 to money transfer houses, not the circular itself. Circulars are the operative prudential rules for supervised institutions, covering matters such as capital and liquidity requirements, credit-risk and governance standards, reserve requirements and foreign-exchange rules.
Key Findings
- The BRH note implements Circular 118-1 for money transfer houses by requiring them to sell every day the full amount of the 30 percent share of transfers received that is assigned to them.
- BRH states that it will automatically buy any unsold balance at the end of the day at the financial system's average buying rate, without notice, by debiting the offending institution's account at the central bank.
- Money transfer houses must send daily reports electronically through the BSA application by noon on the next business day after the reference date.
- The requirement applies only to money transfer houses organized as public limited companies, while banks remain subject to the circular on net foreign-exchange position.
- The annex defines daily reporting templates for dollar inflows, sales from the 30 percent retained, compliance and internal-needs breakdowns.
How to cite
Bank of the Republic of Haiti (BRH), 2022, Additional Note to Circular 118-1 to money transfer houses, https://www.brh.ht/wp-content/uploads/Note-additionnelle-Circulaire-118-1-A.pdf