- Last Update 2024-07-17 16:41:00
Sri Lankan authorities crack down on exorbitant rates of US dollar by dealers
Sri Lankan authorities are cracking down on money changers who exchange foreign currency higher than banking rates. This follows the US dollar rising to above Rs.300 in the informal market while the rate in the official market is lower
In a statement on Monday, the Central Bank (CB) said “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”.
It warned that their licenses would be suspended or 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 of any instances that a money changer offers higher exchange rates for any transaction,” the statement said.
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