Changes in the Organisation of Foreign Exchange Supervision

The Czech National Bank has decided to make some major changes in the foreign exchange area. The purpose of these changes is to increase the effectiveness of the activities being performed and to rationalise the personnel capacities of the Czech National Bank.

The CNB's Bank Board has approved changes to the organisation of foreign exchange supervision. Many activities are to be centralised, and internal on-site supervision is to be strengthened. These changes should result in more effective and more frequent foreign exchange supervision. The objective is to ensure foreign exchange discipline among the regulated entities. The Czech National Bank will focus its inspection activities on ensuring compliance with the foreign exchange regulations and on combating prohibited activities and fraud. These changes will also affect the way in which proceedings to impose penalties for foreign exchange infractions are conducted. This activity is being moved from branch offices to the headquarters of the Czech National Bank.

Other planned changes involve centralising the collection and processing of foreign exchange statistical statements arising out of the reporting duty, and strengthening the supervision of entities doing business in the foreign exchange area.

The Czech National Bank will inform the public of the dates on which these changes are to come into effect in good time and in the usual ways.

Alice Frišaufová
CNB spokeperson