The Reserve Bank of Fiji (RBF) has warned retail businesses, hotels and members of the public against engaging in foreign exchange activities without the required licence.
The RBF says operating a foreign currency exchange business without a licence is a criminal offence and enforcement action will be taken against unauthorised operators.
While hotels and relevant retail businesses may accept foreign currency from tourists as payment for goods and services, the RBF says strict conditions apply.
The transaction must be for the purchase of goods or services, any change given to the customer must be in Fijian dollars, and foreign currency received must be deposited with a commercial bank or sold to a restricted foreign exchange dealer within 30 days.
The RBF also clarified that businesses and individuals receiving foreign currency through legitimate transactions are prohibited from conducting further foreign exchange transactions or providing money-changing services to other customers.
Members of the public have been urged to use only licensed foreign exchange dealers.
The RBF says dealing with unlicensed operators exposes people to risks including fraud, loss of funds and a lack of legal protection.
Suspected unlicensed foreign exchange activities or other unauthorised financial services can be reported confidentially through the RBF’s Confidential Disclosures portal.
The central bank says it remains committed to protecting the integrity of Fiji’s financial system and safeguarding the interests of the public.
