Regulatory Alerts2023-05-17 | OrderAdded · Updated
Order on Withdrawal of Cash Margin Deposit Requirements Against Letters of Credit
The Monetary Board of the Central Bank of Sri Lanka issued this order to formally withdraw previous directives regarding cash margin deposit requirements against letters of credit. Specifically, the orders dated 19 May 2022 and 16 February 2023 are rescinded with immediate effect. This directive applies to all Licensed Commercial Banks in Sri Lanka.
CENTRAL BANK OF SRI LANKA
Domestic Operations Department
17 May 2023
To: All Licensed Commercial Banks
ORDER MADE BY THE MONETARY BOARD OF THE CENTRAL BANK OF SRI LANKA IN TERMS OF THE PROVISIONS OF SECTION 103 OF THE MONETARY LAW ACT, NO. 58 OF 1949 ON MAINTAINING CASH MARGIN DEPOSIT REQUIREMENTS AGAINST LETTERS OF CREDIT
All Licensed Commercial Banks are hereby informed that the Orders made by the Monetary Board of the Central Bank of Sri Lanka in terms of the provisions of Section 103 of the Monetary Law Act, No.58 of 1949 on maintaining cash margin deposit requirements against Letters of Credit, dated 19 May 2022 and 16 February 2023, are withdrawn with immediate effect.
(Signature)
Dr. R A Anil Perera Director/Domestic Operations
Level 7, Tower 2, No. 30, Janadhipathi Mawatha, P. O. Box. 590, Colombo 01, Sri Lanka.
✆ +94 11 2477036 📠 +94 11 2346287 ✉ ddod@cbsl.lk 🌐 www.cbsl.gov.lk
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