Sri Lanka issues rule for money brokers

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

Feb 08, 2013 (LBO) – Sri Lanka’s central bank has issued new regulations covering the money broking industry requiring them to be certified, set up reporting requirements and internal policies and procedures. Money brokers provide bid and offers in money and forex markets while protecting the anonymity of their clients.

“The regulations are expected to give credence to the operations of MBs and provide confidence for financial institutions that use their broking services,” the Central Bank said.

“Similarly, it is also expected to improve the efficiency of price discovery process while facilitating maintenance of professional standards of the best business practices ensuring healthy development of the overall money market and foreign exchange market…”

The regulations will be effective from February 15, 2013.