Thursday, 02 April 2020 15:42

Sri Lanka suspends all restrictions on foreign currency inflows

Sri Lanka has decided to suspend all restrictions on foreign currency inflows into the Island during the COVID-19 preventive period, defined as the three months commencing 2 April 2020.

This decision has been taken by the Cabinet of Ministers, Central Bank announced today.

Releasing a statement, the Central Bank Governor Professor W D Lakshman invites all in Sri Lanka and abroad to consider depositing their savings and other funds in foreign currency within the Sri Lankan banking system as a gesture of goodwill and assistance.

“We guarantee that your foreign currency deposits into the Sri Lankan banking system will be accepted without any hindrance from the Government, the Central Bank or any other Government authority. We also guarantee the future convertibility of these deposits into foreign currency whenever you desire to do so,” the statement said.

“All your forex remittances will be exempted from exchange control regulations and taxes, and protected under banking secrecy provisions.”

Sri Lanka welcomes remittance inflows from all lankan expatriates abroad and those living the country as well as from charitable organisations, funds and well-wishers all over the world, he added.

Such remittances would go a long way for the peoples welfare during the current corona virus crisis period and economic revival in the immediate aftermath.

Sri Lanka’s forex reserves had grown to 7,948 million US dollars in January 2020, from 7512 million US dollars ahead of a rate cut and central bank profits transfers to the Treasury, official data showed.

(LI)

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