USD draft clearing / Overview
USD Draft Clearing
Main purpose of introducing the US Dollar Clearing System was to expedite realization and eliminate delays to obtain credit by the depositors.

Traditionally a US Dollar cheque/draft needed to be couriered abroad and the value credited to the Bank which required more than 3 weeks. Under the revised arrangement, depositors are able to obtain funds as early as the fourth working day, reducing the delay significantly. In both instances, it is the payee in Sri Lanka who benefits through the new US Dollar Cheque Clearing that was introduced.

The instruments covered include:
  • US Dollar cheques/drafts issued by commercial banks in Sri Lanka payable to Sri Lankan individuals and institutions.
  • US Dollar cheques issued by Banks or Exchange Houses abroad drawn on commercial banks in Sri Lanka.