US $ 208.8 m increase in foreign currency trading
Parliamentary corr.
Foreign currency traded by non banking companies in 2009 showed a US
$ 208.8 million increase compared to 2008, Chief Government Whip and
Water Supply and Drainage Minister Dinesh Gunawardena said in Parliament
yesterday.
|
Minister
Gunawardena |
Foreign currency worth US$ 397 million was traded in 2009, where as
this amount was US$ 188.8 million in 2008.
The Minister said that benefits such as expansion of formal and legal
channels to remit earnings of Sri Lankan employees into the country,
demotivation of the use of illegal and informal channel of funds,
transfers, enhancement of foreign exchange inflows into the country and
encouraging persons visiting Sri Lanka to sell their foreign exchange to
the formal system are aimed by allowing non-banks to operate in Foreign
Exchange Trading.
He said the Monetary Board has taken a policy decision to expand the
formal foreign currency market by granting permission to non bank
financial institutions to engage in finance business.
These should be registered with the Central Bank.
The Minister noted that 82 Non-Banking companies including branches
of money changing companies are in trade of foreign exchange. Asked to
state the number of commercial banks operating in Sri Lanka, the
Minister said that 22 banks with 1,408 branches are operating at
present.
He was responding to a question raised by UNP MP Ravi Karunanayake. |
