CBSL warns Money Changers offering higher exchange rates

28 Mar, 2022

The Central Bank of Sri Lanka (CBSL) has warned Money Changers offering higher exchange rates to customers.

Issuing a statement, the CBSL said that the public is hereby notified 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 licenses would be suspended/revoked if they transact any foreign currency transactions at rates beyond the rates stipulated by Licensed Banks.

The public have also been requested to inform the Department of Foreign Exchange of any instances that a Money Changer offers higher exchange rates for any transaction. (Colombo Gazette)

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