Categories: Articles

LNP – CB to freeze bank accounts using unlawful money transfer methods

Bank accounts of those who distribute & receive money through unlawful money transfer methods will be frozen with immediate effect, Central Bank Governor Ajith Nivard Cabraal said.

The Governor also urged all migrant Sri Lankans to use only legal channels to repatriate their earnings.

Earlier, the Central Bank announced that migrant workers will be able to fetch an additional Rs. 10 for every US Dollar they convert into rupees this month. The offer is for US Dollar conversions done via the Sri Lankan banking system and other formal channels.

Tyronne Jayamanne

View Comments

  • In the predicament we are in, this is a step in the right direction. However sad to note that the Hawala informal money transfer system was allowed for decades though it was used for various unlawful activity.

Recent Posts

LNP – President calls on state employees to fulfill people’s aspirations

President Anura Kumara Dissanayake stated that if the current government fails to meet the expectations…

1 day ago

LNP – Discrepancies in issuance of permits to expatriate workers to import electric vehicles

There have been abuses in the issuance of permits for expatriate workers to import electric…

1 day ago

LNP – Third review approved by IMF, SL to get next US$ 333 million tranche

The International Monetary Fund (IMF) reached a staff level agreement with Sri Lankan authorities, paving…

1 day ago

LNP – Sri Lanka: One of the best ethical and sustainable sourcing destinations

Sri Lanka Embassy in Brussels participated at the European Parliament “Fair Trade Breakfast-2024”, on 13…

2 days ago

LNP – Jetstar Asia eyes Colombo as key market for regional growth and tourism

etstar Asia yesterday launched its Colombo-Singapore direct route positioning itself as the only low-cost carrier…

2 days ago

LNP – Sri Lanka revealed as most popular solo travel destination for 2025

Solo travellers are getting older and are increasingly drawn to Asian destinations – with Sri…

2 days ago