The consequences of these scams on the financial sector were fortunately limited. By taking swift action, we at the Bank were able to limit the monetary damage done by this financial fraud.
With these reforms, we hope to encourage FX flows from the parallel market to the formal market. Even as we strengthen oversight over Money Service Businesses (MSBs), we will streamline FX requirements for the banking system to reduce market fragmentation and increase FX liquidity. This allows individuals and businesses greater and easier access to foreign exchange.