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Jul 14, 2020

New Limits on International Credit Accounts

As the COVID-19 pandemic continues to wreck havoc on the economy and budget cuts are been imposed in most sectors, the foreign exchange crunch is not improving.  Businesses are being advised that new limits are being imposed beginning this Wednesday.  A cap had already been imposed earlier in the pandemic, and the new measure calls for credit limits on international credit accounts to be reduced to one thousand U.S. dollars.  According to an advisory to businesses, where the outstanding balance is greater than one thousand dollars, the limit will be rounded upwards of the nearest one hundred U.S. dollars. The advisory states that the pandemic continues to seriously impact the inflows of foreign exchange currencies, in particular the U.S. dollar.  Local banks are required to take measures to reserve the sale of U.S. dollars to facilitate payment for the importation of essential goods and services.  All be told, the situation in respect of foreign exchange has not been normalized.

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