Regulatory Alerts2022-03-22 | Banking Act Directions No. 01 of 2022Forward Sales and Purchases of Foreign Exchange by Licensed Commercial Banks
The Central Bank of Sri Lanka, through its Monetary Board, has issued Banking Act Directions No. 01 of 2022 to regulate forward foreign exchange transactions by licensed commercial banks. This directive explicitly revokes the previous Banking Act Directions No. 07 of 2021, updating the regulatory framework established under Section 46(1) of the Banking Act No. 30 of 1988. The updated directions govern how licensed commercial banks conduct forward sales and purchases, ensuring standardized compliance with national banking regulations.
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