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| Sunday, 6 October 2002 |
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| News Business Features Editorial
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Another step towards becoming regional financial centre The US dollar cheque and draft clearing system commenced on October 1. This is another step towards achieving the country's objective of being the main financial centre in South East Asia. It is one of the first major projects launched by LankaClear Ltd. The need to start a US dollar clearing system for the benefit of customers was felt by banks. Only US dollar denominated cheques will initially be cleared. The system will be extended to other currency cheques as well in the future. The US dollar clearing system will handle US dollar cheques and drafts issued by commercial banks in Sri Lanka payable to Sri Lankan individuals or institutions, and US dollar cheques or drafts issued by banks or exchange houses abroad drawn on commercial banks in Sri Lanka. The main objective of introducing the new system is to expedite realisation and eliminate delays in obtaining credit by depositors. Before the system was introduced, it took two weeks to clear a cheque. The time will be reduced to four days with the launch of the new system, said Chairman LankaClear R.B. Ekanayaka. The benefits of the system are increased efficiency in clearing of cheques and drafts and cost efficiency.All commercial banks in Sri Lanka who are members of the clearing house are eligible to take part in Colombo-based US dollar clearing. Sampath Bank has been appointed as the settlement bank for the system for one year and will handle US dollar clearing settlements between the participating banks through the dollar accounts maintained by the participating banks with Sampath Bank. |
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