Sri Lanka cancels permit of authorized money changer

Says Prasanna Money Exchange has violated foreign exchange laws

Sri Lanka
By Editor_1

COLOMBO – Sri Lanka’s central bank on Monday (12) issued notice permanently revoking the licence of Prasanna Money Exchange, saying it has violated foreign exchange laws.

The central bank in March this year suspended the permit of the authorized money changer saying it was “offering higher exchange rates and thereby had attempted to purchase foreign currency from its customers at higher rates than the exchange rates offered to them by Licensed Banks”.

Announcing the permanent cancellation of the money exchange permit, the central bank said that having  conducted an inquiry into “non-compliances committed by Prasanna Money Exchange” it had decided to “permanently revoke” the money changer’s licence.

Last month, Bank of Bangladesh, which had also triggered a currency crisis with low rates leading to a collapse of the Taka from around 85 to 105 suspended over 300 mobile money transfer agents for allegedly taking part in a traditional cross-border gross settlement system.

The full statement:

Revocation of the money changing permit issued to Prasanna Money Exchange (Pvt) Ltd

After conducting an inquiry into the non-compliances committed by Prasanna Money Exchange (Pvt) Ltd upon the temporary suspension of the permit issued to the company to engage in the money changing business at its head office and branch located at No. 42A, Mudalige Mawatha, Colombo 01 and No. 57, Galle Road, Colombo 06, respectively, the Monetary Board of the Central Bank of Sri Lanka decided to permanently revoke the permit No. DFE/RD/0058 issued to Prasanna Money Exchange (Pvt) Ltd, in terms of section 11 (3) of the Foreign Exchange Act No. 12 of 2017 (the Act).

The public is hereby informed that Prasanna Money Exchange (Pvt) Ltd is no longer permitted to engage in money changing activities as an Authorized Money Changer and buying, selling and exchanging foreign currency with Prasanna Money Exchange (Pvt) Ltd is considered as a contravention of the provisions of the Act.

-economynext.com/ENCL

Editor_1
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