Czech currency exchange offices continue to deceive clients

Czech currency exchange offices continue to use illegal practices and provide misleading information to their clients, the Czech newswire, Ceske Noviny, reported Aug. 18.

 “As of Aug. 18, the Czech National Bank (CNB) received 135 complaints about irregularities in Czech currency exchange office services,” the newswire reported. “Last year, the CNB dealt with a total of 218 complaints.”

 Based on received complains in 2013, the CNB imposed the fines on currency exchange offices totaling CZK 916,000 for serious shortcomings in providing information to their clients about exchange rates and other fees. The rate of offices fined by the CNB was well above 50 percent in Prague.

 “In order to improve the situation, the CNB has initiated a number of audits, supporting self-regulating efforts of currency exchange offices and helps boosting financial awareness,” said CNB board member Jiri Rusnok, as cited by the newswire.

 A new law on currency exchange services adopted in Czech Republic in November 2013 also aims at providing bigger client’s protection.

Photo courtesy of Jarita.