The Central Bank of Sri Lanka (CBSL) issued operating instructions for a new automated foreign exchange (FX) Net Open Position (NOP) reporting interface within its Central Integrated Market Monitor (CIMM), which is scheduled to be fully operational from 3 February 2025 following a parallel run. Licensed Commercial Banks and the National Savings Bank must submit daily NOPs through the new interface, with Chief Compliance Officers responsible for ensuring accuracy and timely submission. The 'NOP' interface will automatically generate each bank’s NOP using actual customer transactions submitted via 'All FX customer transactions' (FXT file(s)) to CIMM and interbank transactions reported to CIMM. Banks must upload prior business day FXT files in time for NOP review and approval by 8:30 a.m. on the next business day, using role-based steps that apply a four-eyes control through 'Review NOP' and 'Approve NOP'. Holiday uploads are limited to outright transactions executed in cash tenor, while other client FX transactions executed on a holiday must use the next immediate business day as the trade date with settlement dates and tenors derived accordingly. The weekly FXT file previously used to record FX customer transactions below USD 5,000 will be discontinued from 3 February 2025. The instructions also set out procedures for reverting and resubmitting FXT files and NOPs, including CBSL reversion of an already approved NOP upon a bank request by 3:00 p.m. on the next business day, and requirements to upload reversal files for cancelled transactions and treat amendments as a cancellation followed by a new transaction entry. Supporting records used to prepare FXT files, including amendments and cancellations, must be retained and made available to CBSL on request. To enable compliance monitoring, Chief Compliance Officers and one designated Compliance Department user will be granted access to a 'NOP Compliance' role to view an audit trail of NOP actions in CIMM, and banks must provide user details required for account creation. The existing daily NOP submission mechanism will be discontinued from 3 February 2025, and banks are expected to complete internal working arrangements and any required system modifications ahead of the cutover.
Central Bank of Sri Lanka 2025-01-31
Central Bank of Sri Lanka to replace daily FX Net Open Position reporting with automated CIMM interface from 3 February 2025
The Central Bank of Sri Lanka has issued instructions for a new automated foreign exchange Net Open Position reporting interface, effective 3 February 2025. Licensed Commercial Banks and the National Savings Bank must submit daily NOPs through this interface, with Chief Compliance Officers ensuring accuracy and timely submission. The existing daily NOP submission mechanism will be discontinued, and banks must complete necessary system modifications before the cutover.