26.6 C
Colombo

The CBSL has launched a system for reporting international transactions.

Published:

The International Transactions Reporting System was launched by Sri Lanka’s Central Bank.

The Central Bank of Sri Lanka recognizes the importance of implementing a comprehensive cross-border and domestic foreign currency transaction monitoring system as a top national priority.

With the assistance of Licensed Commercial Banks (LCBs) and Licensed Specialised Banks, the Central Bank of Sri Lanka (CBSL) has launched a new data collection system known as the International Transactions Reporting System (ITRS) (LSBs).

The ITRS is a comprehensive data collection system for cross-border and domestic foreign currency transactions, with the goal of filling a variety of gaps in the current system.

a lack of data It will assist policymakers in a variety of ways by providing useful statistical and regulatory data.

The ITRS system will be used for a variety of purposes, including improving Balance of Payments statistics, such as export proceeds, imports, services account transactions like IT/BPO transactions, workers’ remittances, finance account transactions, and a variety of other statistical data inputs. The ITRS will also be used by banks to report data in order to meet regulatory requirements.

Data from the ITRS system is also utilized to support future policy decisions, such as the origins of foreign currency outflows for education, medical care, tourism, and other objectives.

The ITRS will also allow the Central Bank to centralize information collection, making data reporting by institutions easier. Phase 1 of the ITRS will go live on June 21, 2022. In the next phases of the project, the technology is planned to make it easier for the Central Bank to report data centrally.

Through the ITRS ‘Web Application,’ built by the Central Bank, all banks are required to provide information pertaining to transactions in Phase 1 of the project, as defined in ITRS Interphase Requirements.

The Central Bank’s ITRS Monitoring Unit will collaborate closely with banks.

on a daily basis to guarantee that the data given is accurate, timely, and comprehensive. Based on the authority granted by the Monetary Law Act, No. 58 of 1949, the Banking Act, No. 30 of 1988, and the Foreign Exchange Act, No. 12 of 2017, certain reporting requirements are implemented

Related articles

Recent articles