Number of exchange offices continues to decline in Czechia

The number of currency exchange businesses in Czechia continues to fall, according to the Czech National Bank. Last year, the number of licensed exchange operators dropped by 27 to 802, with 44 businesses closing and only 17 receiving new licences. The number of physical exchange offices has also steadily declined, from nearly 1,600 in 2018 to 1,231 last year. The central bank says digital payments, mobile banking, the impact of the Covid-19 pandemic and tighter regulation have all contributed to the trend. It also carried out inspections and mystery-shopping checks, issuing fines totalling 250,000 crowns for regulatory breaches.