A divided City of North Vancouver council has voted to ban new currency exchanges from opening in any street-level storefronts. The number of currency exchanges has grown to 28 in recent years and, for the majority on council, that is simply too many to achieve the vibrant streetscape they want to see.
In the grand scheme of things, requiring new currency exchanges to open in second-floor spaces while allowing existing ones to stay put probably isn’t the end of the world. The move seems politically popular.
But this does not send a good message.
Currency exchanges are used almost exclusively by newer immigrants from Iran who need to send or receive money from family at home. This bylaw unfairly targets them, telling them they are less welcome. Banks, law offices, salons and other businesses that don’t offer hip curb appeal don’t face the same scrutiny.
Sadly, much of the public discourse around currency exchanges consists of unsubstantiated allegations that they are somehow involved in money laundering, though no one ever seems to articulate exactly how or why. If someone has evidence of something untoward happening, they should alert FINTRAC.
It is, generally, not for municipal councils to pick and choose which business owners may rent which commercial space. If they suddenly want to start intruding on the free market, there should be a much more compelling reason than this. And importantly, it should be done in an equitable manner to avoid singling out one particular kind of business that serves one particular immigrant community. That is the definition of systemic racism.
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