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CBSL suspends permit of Prasanna Money Exchange

31 Mar 2022

The Central Bank of Sri Lanka today (31) suspended the money changing permit of Prasanna Money Exchange (Pvt) Ltd. This move comes after the consideration of complaints from the public that it is offering higher exchange rates. Earlier, the Central Bank of Sri Lanka (CBSL) issued a notice stating that 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 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 central bank said. 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.


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