Taskforce Factsheet: Currency Transaction Levy (CTC)

The Taskforce working group has considered a proposal for a Currency Transaction Levy (CTL). This is a nationally implemented levy on currency transactions – in effect a national tax earmarked for development uses in poor countries. As proposed, countries would adopt the levy on a voluntary basis, but it would then be applied on a mandatory basis to all trades in that country’s currency, worldwide.

As proposed, the levy could be collected by large-scale foreign-exchange settlement systems, such as the Continuous Linked Settlement (CLS) Bank and SWIFT (Society for Worldwide Interbank Financial Telecommunication).