Apr 24, Colombo: Sri Lanka Postal Department is planning to set up an international money transfer service in collaboration with Western Union to enhance the foreign currency inflow to the country.

A proposal in this regard submitted by the Minister of Posts and Telecommunications, Mahinda Wijesekara received the Cabinet approval today. Under the agreement Western Union will be investing in the infrastructural development of the Postal Department to enable Post Offices to act as money transfer agents. Postal employees will be trained on new info-tech such as computers and internet usage to carry out the new services.

Department of Posts will receive 25% of the revenues generated from the transactions done through the post offices. Sri Lankan government hopes to curb terrorist financing through the new measure.