CBSL suspends stockbroker’s license due to higher rates

COLOMBO (News 1st); The Central Bank of Sri Lanka has decided to temporarily suspend the license issued to Prasanna Money Exchange (Pvt) Ltd under the provisions of the Foreign Exchange Act after considering complaints received from the general public that Prasanna Money Exchange (Pvt) Ltd offers higher prices. change rate.

The Central Bank’s Foreign Exchange Department conducted an on-site investigation at Prasanna Money Exchange (Pvt) Ltd on 30.03.2022, CBSL said in a press release. And according to the investigation, it was observed that Prasanna Money Exchange (Pvt) Ltd offered higher exchange rates and thus attempted to purchase foreign currency from its customers at higher rates than the exchange rates which were offered to them by licensed banks and that they were in breach of instructions issued to authorized money changers under the Foreign Exchange Act (FEA) No 12 of 2017.

Therefore, the public has been informed that the Prasanna Money Exchange (Pvt) Ltd is no longer authorized to engage in foreign exchange business as an authorized money changer from 31.03.2022, and also informed that any transaction with the Prasanna Money Exchange ( Pvt) Ltd during the period of suspension is considered a violation of the provision of the FEA.

The Central Bank has intensified its on-site investigations at licensed money changers and will stand ready to suspend/revoke the licenses of licensed money changers who fail to comply with instructions issued under the Foreign Exchange Act.