14 Dec 2024 - {{hitsCtrl.values.hits}}
Sri Lanka’s domestic foreign exchange (FX) market, comprising the Central Bank of Sri Lanka (CBSL), all Licensed Commercial Banks (LCBs), and the National Savings Bank (NSB), has adopted the FX Global Code (FXGC), the CBSL said yesterday.
The FXGC outlines a common set of guidelines to promote integrity and improve the functioning of the FX market.
The adoption of FXGC in the domestic FX market, which stems from an initiative taken by the CBSL and the support from the Sri Lanka Forex Association (SLFA), marks a significant advancement in the domestic FX market, the International Operations Department of the CBSL said in a statement.
Developed in 2017 by central banks and market participants across 20 jurisdictions, the FXGC sets global principles of good practice to promote a robust, fair, liquid, and transparent FX market.
The CBSL said adopting the FXGC will enhance trust among market participants, encourage best practices in risk management and compliance, and foster a cohesive trading environment in Sri Lanka’s FX market.
The code’s 55 principles cover ethics, governance, transaction execution, information sharing, risk management, compliance, and settlement processes. These principles complement existing local laws and regulations.
Statements of Commitment, through which LCBs and the NSB affirm their adoption of FXGC practices, are available on their respective websites.
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