Sri Lanka’s central bank warns of forex trading scams

ECONOMYNEXT – Sri Lanka’s central bank has issued a warning on illegally forex trading scams operated by some companies where people have lost money.

The central bank said there were unauthorized illegal forex trading dealers and platforms advertising their services through the internet and media. People who lost money through such operations had complained to the central bank.

The central bank said only Commercial Banks in Sri Lanka are authorized to trade foreign exchange.

“The public is strongly advised to refrain from engaging in such unauthorized forex trading transactions considering the above facts and possible risk of losing funds,” a public notice said.

The central bank said it can take action against those who encourage the public to engage in unauthorized activities as well as those engage in them. (Colombo/Oct22/2019)