reduce the burden of exchange control on the public and the bank staff who help administer the system over the last five years.

The BMA said this week that they have made considerable progress in simplifying the system and removing irritants and inconsistencies.

Key changes recently include: Bermuda residents and firms can maintain foreign currency accounts here or abroad, without the need for special permission.

Residents may borrow foreign currency and use it for any purpose, with certain restrictions.

Banks can accept payments from individuals buying overseas real estate in many circumstances, without special permission from the BMA.

The Authority has published a public information notice to simply lay out those changes. The Authority concedes that it is difficult to encapsulate all aspects of exchange control in such a brief document and suggest where any doubt exists, anyone is entitled to contact the Authority or a licensed bank.

CURRENT PAYMENTS: There is no limit on the usage of credit cards for bona fide travel purposes. But residents purchasing foreign cash from the local banks are still required to consult the BMA when the amount exceeds the value of BD$3,000.

CAPITAL TRANSACTIONS: Licensed banks may approve the purchase by Bermudians of foreign currency for investment in securities or deposits up to a value of BD$25,000 per adult per year. The Authority will consider applications for additional amounts; such applications will be treated on their merits (e.g.

retirement or pension plans would receive sympathetic consideration).

Licensed banks may approve payments for the purchase of real estate abroad by individuals. Applications for such purchases by other than individuals require a specific permission from the BMA.

Specific permission is also required for all issues and transfers of unlisted securities of companies (local and Exempted) involving persons who are not resident.

Licensed banks may authorise payments by residents to non-residents relating to the purchase of real estate abroad or Bermudian assets e.g. local real estate or shares in local companies listed on the Bermuda Stock Exchange.

Residents are no longer required to hold certificates of title to foreign currency securities at or to the order of a licensed bank in Bermuda. FOREIGN CURRENCY BORROWING: A specific permission is required from the Authority for residents to borrow foreign currency if: It is to be used for the purchase of residential property (including land for residential development) situated in Bermuda, whether or not such property is to be owner occupied.

it is to be used for any transaction, refinancing, servicing or repayment relating to existing Bermuda dollar borrowing connected with such residential property or land.

it is to be used for conversion into Bermuda dollars for the specific purpose of lending (including holding on deposit).

it is to be used for foreign investments, unless repayment of the borrowing is financed from foreign currency sources (including the BD$25,000 allowance).

FOREIGN CURRENCY ACCOUNTS: Residents may open and maintain foreign currency accounts with licensed banks in Bermuda or abroad. Such accounts may be credited with foreign currency relating to: conversion from the BD$25,000 allowance; borrowings; unused non-cash travel funds (e.g. travellers cheques); proceeds from the sale of foreign currency assets and Bermuda real estate; income from foreign currency assets; pension receipts; legacies and gifts; payments for imports; business of travel agents; sale proceeds of physical (visible) exports; purchases of foreign currency authorised in connection with expenditure for education and medical/dental treatment abroad; maintenance of property situated outside of Bermuda; professional fees; directors' fees; registered pension funds; business of hotels within the meaning of the Hotels (Licensing and Control) Act 1969 which are licensed under that Act; retail or wholesale businesses (including taxi operators); residents engaged in the tourist industry for the purpose of giving change to tourists; and, other sums specifically authorised by the Authority.

But foreign currency received by residents from the rental of Bermuda real estate, the sale of Bermuda securities or salaries from exempted companies must, unless otherwise authorised, be sold to a licensed bank for Bermuda dollars.

EXPORT OF BANKNOTES (CASH) BY TRAVELLERS: Visitors to Bermuda are allowed to take out non-Bermuda dollar notes over $250 that they brought in with them.

All travellers require BMA authority for exporting foreign currency banknotes not covered in the immediate above, and for more than BD$250. Evidence of that permission must be carried on them. Banks issuing such foreign currency are normally limited to the equivalent of BD$3,000 that will be sold to a departing traveller.

Banknotes up to BD$100, or the foreign currency equivalent, can be sent out by mail or courier, although the Post Office requires money and other valuable articles to be sent by registered or parcel post.

There is no prohibition on the export of Bermuda or non-Bermuda coinage.