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The Supreme Administrative Prosecutor’s Office (SAP) proposes to the Minister of Finance and the Governor of the National Bank of Bulgaria to assess the prerequisites for initiating regulatory changes, the possible implementation of organizational actions, incl. and issuance of bylaws or their amendment related to the exchange rate regulations for ATMs and all other issues of a similar nature. This was announced by the press center of the Prosecutor’s Office.
The VAP proposal is due to a file based on information published in the media, which cites signs that there are ATMs in the resorts, which deduct up to 15% of the amount when withdrawing money. It is also stated that the National Bank of Bulgaria (BNB) proposes to equate the regulation of currency exchange through ATMs with that of exchange offices, noting that “this will limit the application of unfavorable exchange rates when withdrawing amounts from account with foreign currency ‘.
The VAP law cites provisions of the Payment Services and Systems Law (ZPUPS), which regulates the requirements for the activity of payment service providers and the types of payment services; the conditions and order for the granting of licenses and execution of the activity by the payment entities; the requirements for providing information when performing payment services; the rights and obligations of the parties in the provision of payment services; the terms and conditions for the granting of licenses; payment monitoring, etc. The Foreign Exchange Law (IA) is also cited, according to which the Ministry of Finance maintains and maintains a public registry of persons who operate as an exchange house, and the Minister of Finance issues an ordinance that determines the terms and conditions for the registration in a special registry and requirements. to the activity of the exchange offices. At the same time, it was clarified that in relation to the data presented in the media there is no explicit and specific regulation. It is for these reasons and in compliance with its constitutional powers to oversee compliance with the law, that VAP makes the proposal.
Feedback on actions taken should be obtained from the VAP as soon as possible.
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