The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

THE Central Bank yesterday pledged it was moving to eliminate "frustrations" surrounding exchange control approvals, revealing it has committed to a five-to-seven working day turnaround.

Tiffany Carter, deputy general manager for the exchange control department, said the Central Bank had realised it was taking up to 10 pieces of correspondence to process a single application, branding this a "poor use of resources".

The five-to-seven day turnaround time will apply to 'completed' non-urgent applications, with up to two days or "as soon as possible" processing for urgent exchange control submissions.

Ms Carter, speaking during a half-day seminar hosted by the Central Bank, said the regulator was in the process of updating its exchange control web page in response to complaints over the unavailability of clear application requirements.

She added that the upgrade is expected to be completed by March 1, and will provide a 'checklist' of clear and concise information on the various exchange control requirements.

"By seven working days you should have a response, whether it is an approval, a request for additional information based on your completed submission...... For urgent matters we undertake to do it in two days or as soon as possible," said Ms Carter.

"In analysing our process we realised it took us sometimes three, four, five or 10 pieces of correspondence in order to process a single application. That is a poor use of our resources and is very frustrating for you and for us.

"We will only entertain complete submissions. The upgrade of the website is to facilitate that. Ultimately we hope to have everything as an online application; that's the end goal." Ms Carter said the Central Bank will continue to review the exchange control requirements and further streamline where possible.