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Expert on the Commission for Exchanging “White” Dollars: “I Was Not Aware of Any Federal Reserve Restrictions” Monday, December 23, 2024, 14:42 The National Bank plans to impose a commission on the exchange of “white” dollars. A draft resolution has been developed to amend the law “On the Procedure for Conducting Exchange Transactions with Foreign Currency in Cash in the Kyrgyz Republic.” The rationale for introducing this additional commission includes the accumulation of “illiquid” dollars in Kyrgyz banks, expenses for exporting these banknotes abroad, and efforts to combat counterfeit currency. “All major banks worldwide treat ‘white’ dollars as a legitimate means of payment. Until now, I had not heard that the US Federal Reserve set any restrictions on exchanging ‘white’ dollars,” — economist Iskender Sharsheev told Vesti.kg. However, Sharsheev noted that if the National Bank is incurring extra costs, it could justify introducing such a measure. “It’s understandable if the National Bank wants to offset the logistics costs of exchanging old dollars. Usually, central banks pay additional fees for transporting old currency, which are then reimbursed by a third party. This can be done under interbank agreements with the National Bank or large banks that collect dollars for the Federal Reserve. If the National Bank is responsible for transporting, sorting, and verifying these banknotes, it may opt to charge a commission. But regarding ‘white’ banknotes specifically, I have not seen any international requirement to do so.” For background, “white” dollars were issued from 1996 to 2006 and have a lighter shade compared to newer banknotes. Tourists in some countries—Lebanon, Azerbaijan, Turkey, and Thailand—have reportedly faced difficulties exchanging these older series. Previously, the National Bank refuted claims that such dollars were being withdrawn from circulation in Kyrgyzstan. The institution stressed that if anyone encounters currency exchange restrictions at exchange offices or banks, they can file a complaint with the National Bank, which will act against the violators. “According to paragraph 14 of the Regulation ‘On the Procedure for Conducting Exchange Transactions with Foreign Currency in Cash in the Kyrgyz Republic,’ banks and exchange offices are prohibited from introducing any restrictions or setting different rates based on the denomination or issuance year of banknotes that remain legal tender. (More information can be found in the Regulation),” — the financial regulator emphasized. Source: https://vesti.kg/zxc/item/133853-ekspert-o-komissii-za-obmen-belykh-dollarov-ne-znal-chto-frs-ssha-postavili-kakie-to-ogranicheniya.html