Additional Note to Circular 118 to money transfer houses

Under circular 118 and with reference to circular 114-2, the BRH asks money transfer houses to sell each day the whole amount of the 30% of transfers received that belongs to them. The BRH will automatically buy any balance unsold at the end of a day, at the average purchase rate of the financial system and without notice, by debiting the account the offending institution holds with the BRH.

Transfer houses must send daily reports to the BRH electronically through the BSA application, by noon on the next business day, using the models annexed to the note. These daily reports replace the weekly report on sales of the 30% in the annex to circular 118. The provision applies only to transfer houses organized as limited companies, because banks are already subject to circular 81-6 on foreign exchange position management. The note takes effect on October 18, 2021 and forms part of circular 118.