Money changers banned from offering higher exchange rates

Date:

Money changers are prohibited from offering higher exchange rates to customers beyond the exchange rates offered to such money changers by licensed banks.

In a notice to the public and money changers, the Central Bank of Sri Lanka has made the notification in terms of the provisions of the Foreign Exchange Act, No. 12 of 2017.

Money changers have been informed that their licenses would be suspended or revoked if they transact any foreign currency transactions at rates beyond the rates stipulated by licensed banks, says the CBSL.

It requests the public to inform the Department of Foreign Exchange via the telephone numbers 0112398523, 0112398827, 0112477375 or 0112398568, or the email address [email protected] of any instances that a money changer offers higher exchange rates for any transaction.

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