Regulatory Alerts2018-11-30 | Banking Act Order No. 2 of 2018Banking (Off-Shore Banking Business Scheme) Order
The Monetary Board of the Central Bank of Sri Lanka issued Order No. 02 of 2018 to amend the Banking (Off-Shore Banking Scheme) Order, 2000 by inserting new clauses governing foreign currency borrowings. These provisions mandate that offshore units and their resident transactions comply with the specific terms outlined in Banking Act Directions No. 11 of 2018. The order, effective 30 November 2018, establishes the regulatory framework for licensed banks conducting offshore borrowing activities under Sections 23, 25, and 26 of the Banking Act.
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