The National Bank of Georgia (NBG) has cancelled registration for 83 currency exchange offices and fined 77 due to violations in the region of Adjara.
Recall that the activities of currency exchange offices are obliged to provide a full information on the currency exchange rate and interest of the service fee within the regulations to improve consumers' interests. The customers must be also informed about a possible cancellation of the transaction within 30 minutes, if the transaction volume does not exceed GEL 5,000 or its equivalent in foreign currency.
In the future, the National Bank will periodically review and take appropriate measures to protect consumers' rights and to ensure compliance with the requirements of currency exchange laws.
The National Bank once again urges users to pay special attention to currency exchange transactions and service fee information before making a transaction.