Sri Lanka’s Central Bank is drawing up laws to keep close tabs on companies engaged in transfer of money into the country, an official said. Sri Lanka’s Central Bank is drawing up laws to keep close tabs on companies engaged in transfer of money into the country, an official said. Just under a million of the island’s working population lives abroad, and use formal and informal channels to remit billions of dollars, according to a World Bank study released Monday.
“We estimate there are around 25 companies at present, linked to various commercial banks, currently engaged in transfer of monies,” explains H A G Hettiarachchi, Director Exchange Control of the Central Bank.
The upcoming laws will give the Exchange Control Dept. added muscle to overlook such firms and increase the security of future remittances.
The World Bank study highlighted that overseas remittances usually increase when at times of civil strife or disasters.
This year, Sri Lanka also saw a sudden jump in remittances after last year’s tsunami.
“In 2005, Sri Lanka is estimated to get around US$ 2.2 billion worth of remittances which are roughly ten perc