Foreign Exchange Services
a. Purchase and sale of foreign currencies
Purchase and sale of foreign currencies vis a vis the euro from the counters of the Co-operative Central Bank at a low exchange rate
b. Foreign currency accounts
Accounts can be held in a foreign currency resulting from foreign currency deposits/transfers or from cash deposits in euro after conversion.
· two day notice accounts
· fixed term deposit accounts
c. Issue of Banker Drafts in foreign or local currency
Co-operative Central Bank issues banker drafts in foreign currency or in euro, payable from selected foreign Banks with which it cooperates
d. Purchase/deposit of cheques in foreign or local currency
Co-operative Central bank buys/ accepts for deposit and undertakes to clear cheques in foreign or local currency drawn on foreign banks
e. Foreign exchange rates
The Co-operative Central Bank issues foreign exchange rates against the euro every day. These apply to
· exchange of foreign notes
· transfer of funds from/to abroad (remittances, bank cheques)
f. Interest rates for deposits in foreign currency
Co-operative Central Bank offers competitive interest rates for deposits in foreign currency.
g. Forward contracts to buy/sell foreign currency
Co-operative Central Bank offers forward contracts for the purchase or sale of funds in foreign currency at a fixed date in the future.