CSE, Port City Colombo reignite dollar board discussions
The Colombo Stock Exchange (CSE) and CHEC Port City Colombo have resumed discussions on setting up a Multi-Currency Board (MCB) in the Port City Colombo.
Since its launch in 2018, the MCB has not successfully onboarded any foreign entities to raise capital.
Five years ago, in June 2021, CSE and CHEC Port City Colombo signed a Memorandum of Understanding (MoU) to boost the capital markets in Sri Lanka by taking advantage of the Port City Colombo’s special emphasis on the Colombo International Financial Centre, to establish a regionally recognised financial exchange within the country’s borders.
The MoU was signed to work on a collective mission to establish an International Multi-Currency Exchange within the Port City of Colombo. “Because of the limiting foreign exchange regulation, where foreigners could not create their profits, companies really did not want to list in the MCB, but now we are in discussion with the CSE and the Securities and Exchange Commission (SEC) to get this going,” Thulci Aluwihare, Deputy Managing Director of CHEC Port City Colombo, told the Sunday Times Business. He also noted that the Port City regulation has clear directions for a dollar board, a commodity exchange, a precious metal exchange etc. “It’s a matter of how we move towards these propositions. We will start with the MCB.”
Rajeeva Bandaranaike, CEO CSE, told the Sunday Times Business that the CSE, with the SEC and the Port City Colombo, is exploring initiating investment into the MCB.
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