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.
14 Jrne2024 CENTRAL BANK OF SRI LAI\KA BANKING ACT ORDER No.01 of2024 BANKING (OFF-SHORE BATIKTNG BUSTNESS) ORDER DESIGNATED F'OREIGN CURRENCIES In terms of Section 22A ofthe Banking Act No. 30 of 1988, as amended, thJ Central Bank of Sri Lanka (CBSL) hereby issues Banking (Off-shore Banking Business) Order, designating foreign currencies for the purpose of carrying on off-shore banking business by Licensed Commercial Banks.
- Designated Foreign Currencies 1.1 t.2 The foreign currencies set out in Schedule I below are determined as the Designated Foreign Currencies, effective from the appointed date of the Banking (Amendment) Act, No. 24 of 2024, on ts.06.2024. Banking (Off-shore Banking Business Scheme) Order No. 01 of 2022, dated 26 August 2022 is revoked from the appointed date of the Banking (Amendment) Act, No. 24 of 2024, on 15.06.2024. W Dr.P@ Chairman of the Governing Board and Governor of the Central Bank of Sri Lanka Schedule I Designated Foreign Currencies 9 New Zealand Dollar (NZD) l0 Norwegian Kroner (NOK) 11 Sterling Pound (GBP) 12 Singapore Dollar (SGD) 13 Swedish Kroner (SEK) 14 Swiss Franc (CHF) 15 Thai Bhat GHB) 16 United States Dollar (USD) 1 1 2 3 4 5 6 7 8 Australian Dollar (AUD) Canadian Dollar (CAD) Chinese Renminbi (CI.[Y) Danish Kroner (DKK) Euro (EUR) Hongkong Dollar (HKD) Indian Rupee (INR) Japanese Yen (JPY)