Laugfs money exchange service expands

Sanjeevi Jayasuriya

The response for the newly launched currency exchange unit at Wellawatte is encouraging and plans are underway to expand the service to other outlets in the Laugfs Sunup Supermarket chain.

"We are in the process of renovating Kohuwala Sunup supermarket and see vast potential in this service. We are open 365 days from 8.30 am to 10.00 pm and this provides convenience for customers to engage in their money transactions," Laugfs Sunup Supermarket CEO Ravi Dahanayake told Daily News Business.

"It is a positive move by the Central Bank to allow supermarkets to set up currency exchange units by providing license to enable transactions in a safe environment. There is growing demand from both locals and foreigners," he said.

The tourism industry growth and high rate of overseas travel has created the need for a currency exchange service and the Sunup supermarket chain will next launch the service at Havelock town outlet with plans to set up units at Negombo, Wattala, Seeduwa and Rajagiriya outlets in the near future.

The service will be available in 20 outlets once the infrastructure is in place.

"We offer the best rate as we monitor the prevailing rates in the market on a daily basis. The rates offered are displayed at an electronic screen for easy access of information.

This new avenue of business is conducted more as a service than a profit oriented venture.

"This service has a positive impact on our core business," he said.