ECONOMYNEXT – A brand new platform has been carried out to commerce overseas alternate in Sri Lanka to foster a deeper FX market and promote higher transparency and effectivity, the Central Financial institution of Sri Lanka (CBSL) mentioned.
The brand new platform had been already efficiently carried out to foster a deeper FX market.
“This platform, which is accessible to all Licensed Business Banks, Nationwide Financial savings Financial institution, and the CBSL, was launched to reinforce value discovery, and to advertise higher transparency and effectivity within the home FX market,” the CBSL mentioned in a press release.
BMatch FX matching platform (BMatch) of Bloomberg has been chosen by the home FX marketplace for this function.
Proper now, in Sri Lanka’s overseas alternate (FX) market, BMatch is a system that helps banks and monetary establishments commerce US {dollars} towards the Sri Lankan Rupee.
It really works like a web based market the place patrons and sellers can place their orders anonymously. The system ensures that costs are seen earlier than a commerce, helps full transactions easily, and processes every part robotically afterward.
Since banks present real-time value quotes on BMatch, it helps everybody out there get a clearer thought of the particular alternate fee. This implies companies and people could make higher monetary choices based mostly on correct and aggressive pricing.
The Central Financial institution of Sri Lanka (CBSL) additionally screens the system to make sure it follows rules and operates pretty.
By making the alternate fee extra clear and aggressive within the interbank market (the place banks commerce with one another), BMatch additionally helps common prospects get higher charges when exchanging cash.
“….the CBSL anticipates that this can play a pivotal position in enhancing the transparency and depth of the home FX market,” the CBSL mentioned within the assertion. (Colombo/March 07/2025)
