The Central Bank’s continued spot examinations at places of authorised money changers have revealed that the following money changers have transacted at rates beyond the rates offered to them by Licensed Banks, thereby violating the directions issued to them under the provisions of Foreign Exchange Act No. 12 of 2017.
i. Swiss Money Exchange (Pvt) Ltd, Colombo 1 (Head Office) and Colombo 6 (Branch)
ii. Western Money Exchange (Pvt) Ltd, Colombo 6
Accordingly, warning notices have been issued to the above money changers ordering them to comply with the relevant directions, with immediate effect.
In the event the errant money changers fail to rectify the matters communicated through the warning notices, the Central Bank will suspend/ revoke the permits issued to them.
The financial sector regulator notified people last week that in terms of the provisions of the Foreign Exchange Act, No. 12 of 2017, money changers have been prohibited from offering higher exchange rates to customers beyond the exchange rates offered to such money changers by licensed banks.
The money changers have been informed that their licences would be suspended/ revoked if they transact any foreign currency transactions at rates beyond the rates stipulated by licensed banks.
The public is requested to inform the Department of Foreign Exchange via the following telephone numbers or the email address of any instances that a money changer offers higher exchange rates for any transaction.
Telephone: 0112398523 0112398827 0112477375 0112398568 Email : [email protected]