Divisional Structure and Functions

In accordance with the present responsibilities assigned to the Exchange Control Department, its functions are carried out through the following divisions.

 
Investment Division

General Permission has been granted to carry out some capital account transactions. Applications to undertake capital account transactions that need prior approval of the Controller of Exchange processed by the Investment Division.

 
Migrant Fund Transfer Division

The primary responsibility of the Migrant Fund Transfer Division is to direct emigrants and licensed commercial banks to issue the migration allowance to eligible persons and to provide the necessary guidelines and directions in this regard.

 
Current Commercial Transactions Division

Current Commercial Transactions Division is responsible for processing of all correspondents relating to current international commercial transactions including imports and exports of goods, services, shipping, airline agencies, and freight forwarding companies. Also the division involves in monitoring of overdue Import of goods made under Advance payment term.

Functions of the division including;

  • Processing applications for registration of freight forwarding companies and monitoring of their accounts/transactions
  • Advising on matters related to current international commercial transactions
  • Monitoring of shipping disbursement accounts and airline accounts/transactions
  • Processing applications for issuing bank guarantees by shipping line agencies, airlines/GSAs and any other request referring to current international transactions
  • Monitoring of overdue advance payments on import of goods
  • Matters connected to Admiralty High Court
 
Policy Division

Facilitating the policy making process of the department.

 
Monitoring Division

Monitoring division engage in compiling data and maintaining of statistical database in foreign exchange transactions while compliance monitoring, enabling the Central Bank to make policy  decisions in foreign exchange management effectively.

 
Administration Division

Carrying out supporting functions of the department.