The Government of Sri Lanka set out to make its financial sector a vibrant profit centre and a financial hub in the region. Proposed liberation and opening of the capital markets mandated the relaxation of the capital account. There were approximately dealers engaged in the foreign exchange market, money market and other sub-sectors of the financial markets.
The organization was formed twenty years ago to promote the rights and interests of its members and safeguard and follow international best practices. The local forex market comprised 26 commercial banks and 7 money brokers. Direct dealing in the foreign exchange market was restricted to licensed commercial banks.
The CBSL regulated the markets through its exchange control, bank supervision and international foreign exchange operations departments. Previously the CBSL quoted a daily spot range around which the market revolved. The spread between the buying and selling rates was of the range of 2 per cent. Foreign exchange transactions were restricted to current account, portfolio investment and for the servicing of debt. An FSAP mission completed in March identified a lack of trained expertise in the financial and foreign exchange markets.
This project sought to address this weakness by transferring technical and other skills to financial sector professionals and thus facilitating the availability of sufficient human resources to cope with the expected expansion in the markets. The project involved two components: In the years that followed, other national associations were formed and there were affiliated financial markets associations in 66 countries and individual members in another 17 countries.
ACI, which estimated its membership at 19,, had the largest membership of any of the international associations in the wholesale financial markets. ACI, through ACI Education, provided a portfolio of examinations aimed at both new entrants to the industry and the seasoned professional.
The ACI qualification is generally considered to be the industry standard internationally. In terms of technical lessons learned, the original project work plan included a provision for pre-course assessment, so as to best tailor the course to participants needs. The SLFA elected to skip the pre-course assessment. Final Report of Consultants. This is useful because it summarizes the syllabus and training involved with ACI Certification for foreign exchange dealers and sets out recommendations for sustained training.
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