18 Mar 2009

Shop in Solomon Islands capital carrying illegal foreign exchange trading

12:21 pm on 18 March 2009

A shop in Honiara is reportedly carrying out illegal foreign exchange trading despite a warning from the Central Bank.

The Solomon Star says a shop provides foreign exchanges to fishermen who arrived in town with foreign currency.

It says several hotels and motels are believed to be doing the same despite not having a valid licence to do that.

In a statement last week, the Central Bank said this is illegal and a breach of the Exchange Control Act.

The bank says it is aware that several companies and shops are doing this.

It says only Classified Restricted Foreign Exchange Dealers are authorised to change foreign currency.