Central Bank continues regulatory actions against errant Money Changers

The Central Bank’s continued spot examinations at the 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.

•  Swiss Money Exchange Ltd. Colombo-1 (Head Office) and Colombo-6 (Branch)
•  Western Money Exchange 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.