Dr. P. Nandalal Weerasinghe assumes duties as the 17th Governor of the Central Bank of Sri Lanka (CBSL). Dr. Weerasinghe is a career central banker, with extensive experience in Monetary and Exchange Rate Policy. Dr. Weerasinghe was promoted as Deputy Governor on 27 September, 2011 while he was serving as an Alternate Executive Director at the International Monetary Fund and assumed office as Deputy Governor of the CBSL on 01 September 2012. Dr. Weerasinghe holds a PhD and Master’s Degree in Economics from the Australian National University and a B.Sc. Degree from the University of Kelaniya in Sri Lanka.
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Dr. P. Nandalal Weerasinghe takes office as the Governor of the Central Bank of Sri Lanka
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Postponement of the Announcement of the Monetary Policy Review: No. 03 of 2022
The Press Release on the Monetary Policy Review No. 03 of 2022 scheduled to be released on 05 April 2022 at 7.30 am has been postponed. Accordingly, the Press Conference scheduled for 05 April 2022 has also been postponed. The date of the announcement of the Press Release and the Press Conference will be informed in due course.
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Central Bank continues regulatory actions against errant Money Changers
The Central Bank’s continued spot examinations at the places of Authorized 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.
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External Sector Performance - January 2022
Import expenditure continued to expand, in spite of high earnings from exports exceeding US dollars 1.0 billion for the eighth consecutive month, thereby widening the deficit in the trade account in January 2022, compared to January 2021. Tourist arrivals showed a notable recovery in January 2022 over the same month in the previous year, while moderation of workers’ remittances was observed in January 2022. Meanwhile, Sri Lanka successfully settled the International Sovereign Bond (ISB) of US dollars 500 million in January 2022. The financial account of the balance of payments strengthened during the month with the receipt of the SAARCFINANCE swap facility from the Reserve Bank of India. The weighted average spot exchange rate, which remained in Rs.
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Central Bank suspends Money Changing permit issued to Prasanna Money Exchange (Pvt) Ltd
Considering the complaints received from general public that Prasanna Money Exchange (Pvt) Ltd is offering higher exchange rates, the Department of Foreign Exchange of the Central Bank conducted an on-site investigation at the Prasanna Money Exchange (Pvt) Ltd on 30.03.2022. As per the investigation, it was observed that the Prasanna Money Exchange (Pvt) Ltd had offered higher exchange rates and thereby attempted to purchase foreign currency from its customers at higher rates than the exchange rates offered to them by Licensed Banks and that they were in violation of the Directions issued to Authorized Money Changers under the Foreign Exchange Act No. 12 of 2017 (FEA).
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NOTICE TO THE PUBLIC – MONEY CHANGERS
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.
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The CBSL’s Comments on the IMF Article IV Report
The International Monetary Fund (IMF) has published its Article IV Staff Report on Sri Lanka. The Article IV process included;
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Clarification Regarding the Forex Sales by Banks to the Central Bank of Sri Lanka
The Central Bank of Sri Lanka (CBSL) wishes to clarify that the recent increase of the percentage of foreign exchange sales by banks to the CBSL from 25% to 50%, effective from 21.03.2022, is exclusively applicable to banks and that will not have any impact on the prevailing requirements for the foreign exchange earnings of expatriate workers and export proceeds of exporters.
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Statement from the Central Bank of Sri Lanka
The Ministry of Finance and the Central Bank of Sri Lanka wish to assure the public and all other stake holders that the banking system is stable, and that the operations of the State Banks are being carried out smoothly, contrary to statements made otherwise.
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The Central Bank of Sri Lanka issues a Circulation Standard Commemorative coin to mark 150th Anniversary of Faculty of Medicine, University of Colombo
The Central Bank of Sri Lanka (CBSL) issued a circulation standard commemorative coin with a face value of Rs. 20 to mark the 150th Anniversary of Faculty of Medicine, University of Colombo in recognition of its contribution to the nation as the first medical faculty in the country. This coin was issued at the request of Faculty of Medicine, University of Colombo.