Investor Presentaiton
TRANSACTIONS BY THE TOURISM SECTOR
In terms of Statutory Instruments 323A and 323B, players in the tourism
sector are designated as Tourism Operators which are permitted to
receive foreign currency payments from non-residents (foreign tourists).
➤ Effectively, tourism players can receive payments in foreign currency
from foreign tourists when
when paying for non-consumptive and
consumptive tourism services and goods respectively.
➤ Such receipts are credited into a Nostro FCA (Exports) of the local service.
provider and the relevant exports formalities such as TRAS 1 and 2
should be strictly observed.
➤ However, tourism operators are not allowed to pay local suppliers of
goods and services in foreign currency.
➤ The operation of Special Nostro FCA (Transitory) to facilitate downstream
payments remains in place and prior Exchange Control approval is
required for the operation of such FCAs.View entire presentation