Abstract
Staff Studies is the bi-annual (March and September) peer-reviewed journal of the Central Bank of Sri Lanka. The Journal aims at stimulating innovative research for the analysis of current macroeconomic issues and policy challenges faced by central banks while providing a forum to present recent theoretical and empirical research.
Highlights
Money Brokers have been in operation in Sri Lanka since 1980 and they are key players in the inter bank call money market, government securities market and foreign exchange market.1/ The author wishes to express her sincere gratitude and thanks to Dr D.S
23 commercial banks operating in Sri Lanka are the prospective customers of the Money Brokers (MBs)
Income received by MBs only through participation in foreign exchange, call money and government securities market increased by 42 per cent in 2005
Summary
Money Brokers have been in operation in Sri Lanka since 1980 and they are key players in the inter bank call money market, government securities market and foreign exchange market. Ten money broking companies are operating in Sri Lanka. Money broking firms start operation after obtaining a ‘no objection’ letter issued by the CBSL which is preceded by the application made by the prospective money broking company. This paper intends to examine regulatory practices of money broking companies in selected countries with the view of assessing the need for and scope of regulating money broking firms in Sri Lanka.
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