Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka Central Bank issues Money Broking Regulations
Fri, Feb 8, 2013, 09:30 pm SL Time, ColomboPage News Desk, Sri Lanka.

Feb 08, Colombo: Sri Lanka's Central Bank has issued the "Money Broking Regulations" aimed at improving the operations in the domestic money and foreign exchange market.

The Central Bank issuing a statement Friday said the Money Broking Regulations No. 1 of 2013 (Regulations) under Section 10 (c) of the Monetary Law Act, No. 58 of 1949 will be effective from 15th February, 2013.

The Bank said it has issued the regulations considering the need to improve the operations in the domestic money and foreign exchange market by increasing the coverage of monitoring activities on different types of financial institutions operating in the economy and to facilitate strengthening of financial system stability.

Under the new Regulations, both the existing money brokers (MBs) and the new firms who intend to enter into the money broking activities shall obtain the "Certificate of Authorization" issued by the Monetary Board of the Central Bank.

The Regulations covers, inter alia, the minimum eligibility criteria, legally permissible activities, operating requirements, authorization process, internal policies and procedures, proper governance, reporting requirements and revocation of certificate.

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



ColomboPage - Recent 10 Stories
The UK wants to see Sri Lanka fully implementing Resolution 30/1, stands ready to help
-- [12 minutes ago]
Sri Lanka to establish a Consulate General Office in Nicosia, Cyprus
-- [45 minutes ago]
Sri Lanka government to obtain JICA assistance to set up light rail transit system in capital city
-- [1 hour and 0 minutes ago]
Sri Lanka has taken 'giant leaps' not 'baby steps' so far to achieve reconciliation, Minister tells UNHRC
-- [1 hour and 52 minutes ago]
UN Human Rights chief presents report on Sri Lanka to UNHRC
-- [2 hours ago]
Sri Lanka parliamentary commission hands over report on Central Bank Treasury bond deals to Speaker
-- [3 hours ago]
President to discuss amendments to the VAT to provide relief to people
-- [3 hours ago]
Sri Lankan President makes observation visit to the Central Bank, meets the staff
-- [5 hours ago]
Court rules insufficient evidence to charge Minister Champika Ranawaka in accident
-- [5 hours ago]
Sri Lanka needs a sound stable economic policy to attract foreign direct investment - U.S. Ambassador

Copyright © 2000, 2012 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.