Sri Lanka Central Bank to increase forex trading

Aug 11, 2010 (LBO) – Sri Lanka’s Central Bank has called for bids for a new treasury management system to modernise its dealing room amid plans to increase foreign exchange trading as reserves grow, a statement said.

Only bidders who have installed treasury management systems in at least one central bank or monetary authority or two large banking or financial institutions are eligible.

The tender will closed on September 20. “It has been decided to enhance the operations of the International Operations Department by expanding the scope and the extent of the foreign exchange reserve management activities and enhance the return of the reserves portfolio.”

The statement said the bank’s dealing room would be modernised including changes to existing physical infrastructure, installation of latest electronic and IT facilities along with a risk monitoring system to cater to Front, Middle and Back Office work.

The new treasury management plan also envisages changes to the “investment strategies, enhanced investment horizons and multiple shift working arrangements with more dealers,” the bank said.

It has called for bids to buy a new Treasury Management System to monitor and record financial transactions.