ECONOMYNEXT – Sri Lanka’s central bank has asked the public to tip the monetary authority on grey market forex dealing as a currency crises triggered by money printed to enforce low interest rates worsened.
“Permission to buy, sell and exchange foreign currency in Sri Lanka is granted ONLY to authorized dealers (i.e. licensed banks) and money changers appointed by the Central Bank of Sri Lanka (CBSL),” the monetary authority said.
“Therefore, foreign currency, shall be purchased, sold or exchanged only through an authorized dealer or an authorized money changer.”
Members of the public, armed with printed rupees, usually paid as salaries to state workers, have turned to unofficial markets for dollars, pushing up parallel exchange rates as there are not enough dollars to match the printed money.
The central bank gave telephone numbers and email addresses for tip-offs.
The full statement is reproduced below:
The Central Bank requests the public to provide information on unauthorized foreign currency dealings
Permission to buy, sell and exchange foreign currency in Sri Lanka is granted ONLY to authorized dealers (i.e. licensed banks) and money changers appointed by the Central Bank of Sri Lanka (CBSL).
Therefore, foreign currency, shall be purchased, sold or exchanged only through an authorized dealer or an authorized money changer.
In terms of the provisions of the Foreign Exchange Act, No.12 of 2017, engaging in foreign currency transactions without permission of CBSL by any person, institution or any other entity is an unlawful activity.
Therefore, if it is noted that any person, institution or any other entity is engaged in unauthorized foreign exchange dealings, the public is hereby requested to inform the Foreign Exchange Department of CBSL via the following telephone numbers or the email address.
Telephone : 0112398827
0112477375
0112398568
Email : [email protected]
