People’s Bank Rectifies LKR 656 Mn Exchange Rate Error 📉

People’s Bank has issued a statement clarifying an exchange rate error within a specific remittance system that occurred between May 2023 and March 2026. • Financial Impact: The mistake resulted in certain customers receiving excess amounts, totaling an estimated LKR 656 million. This amount has already been fully recognized in the bank's financial statements for the period, with no further financial impact anticipated. • Corrective Action & Regulation: The error has been fully rectified. Internal operational controls have been strengthened, and a detailed review is underway in consultation with the Central Bank of Sri Lanka (CBSL). • Recovery Process: The bank has commenced and made progress with recovery processes from the affected customers. • Operational Stability: Daily operations, digital platforms, and customer services continue without interruption. Given the bank's massive asset base of approximately LKR 3.8 trillion, this issue has no material impact on its overall financial stability, profitability, or the safety of customer deposits.