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.
MONETARY BOARD CENTRAL BANK OF SRI LANKA
22 March 2022 | BANKING ACT DIRECTIONS | No. 01 of 2022
FORWARD SALES AND PURCHASES OF FOREIGN EXCHANGE BY LICENSED COMMERCIAL BANKS
Issued in terms of powers conferred by Section 46(1) of the Banking Act No. 30 of 1988, as amended.
Banking Act Directions No. 07 of 2021 dated 25 April 2021 on Forward Sales and Purchases of Foreign Exchange by Licensed Commercial Banks are hereby revoked.
(Signature)
Nivard Ajith Leslie Cabraal Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka