It will soon be not necessary for those who require foreign currencies to rush to the bank. They will also be able to exchange foreign currencies from Authorized Money Exchangers apart from the banks.

Royal Monetary Authority (RMA) officials say they will soon be authorizing interested individuals, businessmen, and hoteliers to exchange foreign currencies.

Karma Rinzin, the head of the Foreign Exchange and Reserve Management Division of the Royal Monetary Authority said RMA will also provide the software and training on how to install them.

The authorized money changers will get the exchange rates from the banks and charge 0.5 percent as service charge.

If an Authorized Money Changer is found charging more than the approved exchange rates, they will be made to pay double the amount of transacted amount. Source: BBS