People's Bank lost 656 million due to an error in foreign exchange rate calculation.

People's Bank has clarified in an official statement that it incurred a loss of 656 million due to an error in foreign exchange rate calculation, and an investigation into the matter has been initiated.

People's Bank has announced that due to an exchange rate conversion error in a certain currency unit operating in its foreign exchange system during the period from May 2023 to March 2026, a group of customers received more money than they were entitled to. As soon as this technical issue was identified, the relevant departments worked to fully restore it.

Immediately upon the discovery of this situation, an internal investigation was launched, and steps have been taken to further strengthen the processes of the bank's operating systems. It is also reported that further extensive investigations are underway in this regard under the direct guidance of the Central Bank of Sri Lanka and other relevant regulatory and supervisory authorities.

The total financial impact on the bank due to the error is estimated to be approximately LKR 656 million. However, since this amount has already been included in the account statements for the relevant period, the bank expects no further additional financial impact on it based on current calculations. Furthermore, it is stated that efforts to recover the excess funds issued to customers have already begun, and this process is proceeding successfully.

It has been emphasized that this incident will not have any impact on the financial stability, profitability, or the security of customer deposits of People's Bank, which is an extremely strong financial institution with massive assets of approximately LKR 3.8 trillion. Furthermore, all customers and stakeholders have been informed that the bank's daily operations, digital banking facilities, and customer services will continue to function as usual without any interruption.