Express Clearing

The new US dollar cheque and draft clearing system kicked off Tuesday with transactions amounting to US$ 251,139 being processed on the opening day. rn

rnThe new dollar clearing system, a first for the local banking sector, speeds up realisation of dollar cheques/drafts, eliminating what is ordinarily a three-week delay.rn

rnUnder the current arrangement, lead times are now cut back to four days, with depositors receiving their funds on the fourth working day. rn

rnWith clearing taking place locally by LankaClear Ltd, the now privatised clearing arm of the Central Bank, wipes out the foreign bank handling charges that ranges from US$ 5 to US$ 25.rn

rnAn average of 500 to 1000 cheques/drafts a day is expected to come up for clearing, but this is expected to go up significantly as exchange controls regulations are relaxed, Chairman LankaClear, R Ekanayake told journalists.rn

rnThe system however is still geared for smaller volumes, with existing infrastructure able to support the traffic from the smal