The Central Bank of Sri Lanka (CBSL) suspended currencies issued to Prasanna Money Exchange (Pvt) Ltd following an on-site investigation.
Considering court cases won to the public, the Central Bank’s Foreign Exchange Department conducted an on-site investigation at Prasanna Money Exchange on Wednesday, March 30.
During the investigations, it found that Prasanna Money Exchange had presented higher exchange rates and therefore attempted to buy foreign currency from its consumers at higher exchange rates than those presented to them through authorized banks.
In its statement, the Central Bank said the resolution violated the mandates issued to legal money changers of Exchange Law No. 12 of 2017 (FEA).
“As a result, the Central Bank has to temporarily suspend the permit issued to Prasanna Money Exchange (Pvt) Ltd under the provisions of the FEA, with effect from 31. 03. 2022,” it reads below.
The Central Bank has informed the general public that Prasanna Money Exchange can no longer have interaction in foreign exchange activities such as an authorized cash exchanger as of (March 31).
The public is also informed that any transaction with Prasanna Money Exchange during the suspension era is considered a violation of the FEA provision.
The Central Bank said it had intensified its on-site investigations at replacement law offices and would be in a position to suspend or revoke the entry of legal cash substitutes who do not comply with orders issued under the Foreign Replacement Act.
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