By Shenal Fernando
Despite prevailing foreign exchange (forex) issues plaguing the financial system of the country, licensed commercial banks (LCBs) appear to be acting in compliance with the directive issued by the Central Bank of Sri Lanka (CBSL) on 6 September to maintain the selling rate of the US dollar at a conservative range between Rs. 200 and Rs. 203, The Morning Business learns.
However, according to LCB customers, there appears to be a hesitancy amongst LCBs to do transactions that require a significant amount of dollars with the selling rate of the dollar being forced to hover below Rs. 203. Moreover, exporters are also piling up their dollar earnings without bringing them into the Sri Lankan banking system with a reluctance to convert them into Sri Lankan rupees due to the lower rates LCBs are providing for the dollar.
themorning
Despite prevailing foreign exchange (forex) issues plaguing the financial system of the country, licensed commercial banks (LCBs) appear to be acting in compliance with the directive issued by the Central Bank of Sri Lanka (CBSL) on 6 September to maintain the selling rate of the US dollar at a conservative range between Rs. 200 and Rs. 203, The Morning Business learns.
However, according to LCB customers, there appears to be a hesitancy amongst LCBs to do transactions that require a significant amount of dollars with the selling rate of the dollar being forced to hover below Rs. 203. Moreover, exporters are also piling up their dollar earnings without bringing them into the Sri Lankan banking system with a reluctance to convert them into Sri Lankan rupees due to the lower rates LCBs are providing for the dollar.
themorning
