CBSL suspends permit for foreign exchange agent over higher rates
The Central Bank of Sri Lanka has decided to temporarily suspend the permit issued to the Prasanna Money Exchange (Pvt) Ltd under the provisions of the Foreign Exchange Act after considering the complaints received from the 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, the CBSL stated in a press release. And 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).