(LANKAPUVATH | COLOMBO) –The People’s Bank of Sri Lanka has been blacklisted by the Economic and Commercial Office of the Embassy of the People’s Republic of China in Sri Lanka for defaulting on payments according to the Letter of Credit (L/C) and the contacts between two parties.
The Economic and Commercial Office of the Embassy in a statement said, recently, People’s Bank of Sri Lanka has witnessed vicious event of L/C default, causing huge losses to Chinese enterprises in international trade with Sri Lanka.
“This bank now has been blacklisted by the Economic and Commercial Office of Chinese Embassy in Sri Lanka,” the statement said.
“The Office solemnly reminds all Chinese enterprises to strengthen risk control and avoid accepting L/C issued by People’s Bank of Sri Lanka in international trade with Sri Lanka,” it added.
The decision has also been submitted to the Ministry of Commerce of China.
