The Central Bank says its continued spot examinations at the places of authorized money changers have revealed that the following money changers have transacted at rates beyond the rates offered to them by Licensed Banks, thereby violating the directions issued to them under the provisions of Foreign Exchange Act No. 12 of 2017.
• Swiss Money Exchange (Pvt) Ltd, Colombo 01 (Head Office) and Colombo 06 (Branch)
• Western Money Exchange (Pvt) Ltd, Colombo 06
Accordingly, warning notices have been issued to the above money changers ordering them to comply with the relevant directions, with immediate effect, the Central Bank said in a statement.
In the event the errant money changers fail to rectify the matters communicated through the Warning Notices, the Central Bank will suspend or revoke the permits issued to them, it read further.
