21 Mar 2013

Bank of Botswana has revoked with immediate effect, the licence to transact foreign exchange business issued to Tsogo Bureau de Change and MDN Bureau de Change.

 According to a press release from the bank, this was pursuant to Section 30 (1) of the Bank of Botswana Act (CAP. 55:01), read in conjunction with Bank of Botswana (Bureau de Change) Regulations of 2004.

 The release states that Tsogo Bureau de Change’s licence was revoked due to non-compliance with regulations, whilst MDN Bureau de Change’s licence was revoked following its decision to voluntarily cease operations.  It further advises the public not to transact any foreign exchange business with any person purporting to trade in the name of Tsogo Bureau de Change.

The release also reminds members of the public that it is a criminal offence under Section 30 (4) of the Bank of Botswana Act (CAP. 55:01) to conduct the business of buying and selling foreign currency without a valid licence issued by the bank.  ENDS