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CB further relaxes forex rules

Aug 17, 2011 8:26:15 AM - www.ft.lk


Central Bank announced today further relaxation of foreign exchange rules with immediate effect.

It said with a view to facilitating the foreign exchange transactions of the growing economy of Sri Lanka, a few new policy measures have been introduced by the Central Bank to relax the foreign exchange regulations further.

They include relaxation of restrictions for foreign investments in Unit Trusts; general permission for Sri Lankan students to obtain loans from foreign financial institutions; general permission for the Sri Lankan Residents to make payments to Non-Residents in respect of purchase of real estate properties in Sri Lanka; permission for selected supermarkets to engage in money changing business and new facilities for the holders of Resident Non National Foreign Currency Accounts.

The Central Bank is of the view that the relaxation of these foreign exchange regulations would enhance investor confidence, strengthen the foreign reserves in the long run and stabilize the foreign exchange market, thereby paving the way to integrating the Sri Lankan economy more closely with the global economy.

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