CBSL commences regulatory actions against errant money changers

COLOMBO (News 1st); The Central Bank of Sri Lanka (CBSL) has issued a press release in response to several complaints that certain Authorized Money Changers are engaged in activities violating the directions issued under the provisions of the Foreign Exchange Act. 

Moreover, the Central Bank has commenced conducting a series of spot examinations at the places of Authorized Money Changers, strengthening the monitoring and supervision of the Authorized Money Changers.

During the spot examinations conducted during the months of November and December 2021, it was revealed that the following Authorized Money Changers have not complied with the Directions issued to them under the provisions of FEA.

Accordingly, after the Minister of Finance being informed, Notices have been issued to them to comply with the relevant Directions, within a specified time period.

• New Natasha (Pvt) Ltd at No. 12, Super Market Complex, Wennappuwa

• George Michael Holdings (Pvt) Ltd at No. 157, Chilaw Road, Wennappuwa

• Royal Money Exchange (Pvt) Ltd at No. 55, Galle Road, Colombo 06

• Prasanna Money Exchange (Pvt) Ltd at No. 57, Galle Road, Colombo 06

In the event the errant Authorized Money Changers fail to rectify the issues communicated through the Notices, the Central Bank states that it will be compelled to suspend and to revoke the permits issued to such Authorized Money Changers.

The general public has also been informed that Authorized Money Changers have no authority to transact foreign exchange at rates higher than those offered by the banks to such Money Changers.