Central Bank Reiterates Ban on Domestic Foreign Currency Transactions - LNW Lanka News Web

Central Bank Warns Against Local Foreign Currency Transactions - Business News LK

The Central Bank of Sri Lanka (CBSL) has warned residents and businesses against using foreign currency for transactions within the country. The Central Bank said it has observed cases where residents conduct payments in foreign currency instead of Sri Lankan Rupees. Under the Central Bank of Sri Lanka Act No. 16 of 2023, all transactions between residents must take place in Sri Lankan Rupees. The law allows exceptions only when the Central Bank…

Central Bank Reiterates Ban on Domestic Foreign Currency Transactions - LNW Lanka News Web

LISTEN TO STORY WATCH STORY By: Isuru Parakrama February 12, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has issued a stern reminder that all transactions carried out between residents within the country must be settled in Sri Lanka Rupees, unless prior approval has been expressly granted under the Foreign Exchange Act, No. 12 of 2017.In a formal communication, the Bank noted that it has recently detected cases where individuals and busi…

Foreign Currency Transactions between Residents in Sri Lanka

Central Bank of Sri Lanka (Central Bank) has noticed certain instances where residents in Sri Lanka transact within the country in foreign currency, rather than in Sri Lanka Rupees. In this connection, the Central Bank wishes to clarify that according to the provisions of the Central Bank of Sri Lanka Act, No. 16 of 2023 (CBSL Act), all transactions executed between or among residents in Sri Lanka shall be made in Sri Lankan Rupees, unless other…

Sri Lanka Imposes Strict Penalties on Local Foreign Currency Transactions

The Central Bank of Sri Lanka has issued a warning to residents against conducting transactions in foreign currencies within the country, highlighting the risk of incurring fines up to 25 million rupees and/or facing imprisonment. The bank has observed instances where residents engage in transactions using foreign currency instead of the Sri Lankan rupee. Under the Central Bank of Sri Lanka Act, No. 16 of 2023, all transactions between Sri Lanka…

Sri Lanka central bank warns of fines, imprisonment for breaking money monopoly

ECONOMYNEXT – Sri Lanka’s central bank has warned local residents not to transact in US dollars, amid a trend towards more dollarized transactions, as people exercising such liberties are liable to end up in jail after ‘summary trial’ and pay fines. “Central Bank of Sri Lanka (Central Bank) has noticed certain instances where residents in Sri Lanka transact within the country in foreign currency, rather than in Sri Lanka Rupees,” the monetary au…

Foreign Currency Transactions between Residents in Sri Lanka | Central Bank of Sri Lanka

Central Bank of Sri Lanka (Central Bank) has noticed certain instances where residents in Sri Lanka transact within the country in foreign currency, rather than in Sri Lanka Rupees. In this connection, the Central Bank wishes to clarify that according to the provisions of the Central Bank of Sri Lanka Act, No. 16 of 2023 (CBSL Act), all transactions executed between or among residents in Sri Lanka shall be made in Sri Lankan Rupees, unless other…