Cabinet approves a number of legal and policy memoranda |29 August 2025

Cabinet approves a number of legal and policy memoranda

President Wavel Ramkalawan chaired a scheduled meeting of the Cabinet on Wednesday, August 27, in which a number of legal and policy memoranda were approved.

Cabinet approved the revised proposal to amend subsection 8(3) of the Foreign Exchange Act, 2009. The amendment will require that any conversion of currency under subsection 8(2)(a) or (b) be calculated using the exchange rate published by an authorised dealer on the day that the payment in foreign currency is accepted. This approach ensures compliance with the IMF’s revised Multiple Currency Practices rule which conforms to a market-driven mechanism for exchange rates, and provides a practical solution for implementation by businesses and financial institutions.

Press release from State House

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