Nov 24, 2011 (LBO) – Sri Lanka’s Commercial Bank of Ceylon is now offering Non-Resident Foreign Currency (NRFC) accounts in Chinese yuan following its inclusion as a ‘designated currency’ by the Central Bank. A statement said the move comes several weeks after the bank began offering customers the option of transacting in yuan for export and import dealings with counterparts in China.
The yuan transactions substantially reduced conversion losses and time lapses in the conversion process, the bank said.
Commercial Bank already offers NRFC accounts in all other ‘designated currencies’ in the country.
These include the US dollar, euro, pound sterling, Japanese yen, Australian dollar, Canadian dollar, Singapore dollar, Danish kroner, Hong Kong dollar, New Zealand dollar, Norwegian kroner, Swedish kroner and the Swiss franc.