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Cabraal says rates of authorised money changers under scrutiny

Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal expressed that the foreign currency exchange rates offered by authorised money changers are under close scrutiny of the CBSL

“We are monitoring them. We have had several instances where things have not been entirely in accordance with their assurances, so we have seen certain instances where there have been lapses, and we will deal with those. We are using the laws as well as the persuasive powers that the Central Bank has with the banks to deal with that,” Cabraal said at a media brief yesterday (25).

In terms of the CBSL’s plans to increase Sri Lanka’s foreign reserves to $3.5 Bn by the end of this year, Cabraal noted that several currency swaps will be included in this effort.