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international remittance not credited to Commercial bank
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<blockquote data-quote="parallax" data-source="post: 28007213" data-attributes="member: 384342"><p>Check the swift website machan they clearly mention there that how SWIFT system is working, I don't know whether you are a banker or not but I am an exporter my self and I am always doing various kind of international transfers with different countries so this is my experience so far, first of all Banks never get funds immediatley even it is a local rupee transfer, common practice is there are settlement systems for that purpose and some systems settle these transactions in real time (eg; CEFT) but actual fund transfers happen later, and in sri lanka it is LankaClear who provide these systems. so there is an USD OPS system in lankaclear that settle USD transfers within local banks and some times this process take time due to the various reason within banks (in this case it looks like sampath bank is causing the delay).</p><p></p><p>No comment about CBSL governer since I know personally he is doing everything he can to straight the monetory policy in this country that fucked up by previous governers, so we can get in to the IMF program ASAP. let's hope Fiscal policy makers make this right and expedite the process.</p></blockquote><p></p>
[QUOTE="parallax, post: 28007213, member: 384342"] Check the swift website machan they clearly mention there that how SWIFT system is working, I don't know whether you are a banker or not but I am an exporter my self and I am always doing various kind of international transfers with different countries so this is my experience so far, first of all Banks never get funds immediatley even it is a local rupee transfer, common practice is there are settlement systems for that purpose and some systems settle these transactions in real time (eg; CEFT) but actual fund transfers happen later, and in sri lanka it is LankaClear who provide these systems. so there is an USD OPS system in lankaclear that settle USD transfers within local banks and some times this process take time due to the various reason within banks (in this case it looks like sampath bank is causing the delay). No comment about CBSL governer since I know personally he is doing everything he can to straight the monetory policy in this country that fucked up by previous governers, so we can get in to the IMF program ASAP. let's hope Fiscal policy makers make this right and expedite the process. [/QUOTE]
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