Regulatory Alerts2024-06-14 | Banking Act Order No. 01 of 2024Banking (Off-Shore Banking Business) Order Designating Foreign Currencies
The Central Bank of Sri Lanka issued this order to designate sixteen specific foreign currencies for licensed commercial banks conducting off-shore banking business. Effective 15 June 2024, the order supersedes the 2022 scheme and establishes Australian, Canadian, Chinese, Danish, Euro, Hong Kong, Indian, Japanese, New Zealand, Norwegian, British, Singaporean, Swedish, Swiss, Thai, and United States currencies as the official designated foreign currencies. Licensed commercial banks may now conduct off-shore transactions exclusively in these designated currencies under Section 22A of the Banking Act No. 30 of 1988, as amended.
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