Thursday, 08 April 2021 13:43

Over 360 million dollars flow into Special Deposit Accounts  Featured

Special Deposit Accounts (SDA) introduced by the Government last year have swelled  $ 360.3 million, which has ptompted the Cabinet to approve extending their validity period further, Cabinet Spokesman Minister Keheliya Rambukwella said.

He told the weekly Cabinet briefing that a paper submitted by Prime Minister Mahinda Rajapaksa in his capacity as Finance Minister had been approved to support more inflows. 

“The period  for SDAs have been extended every six months since they were introduced in 2020 and the Foreign Exchange Act of 2017 will be amended accordingly,” Minister Rambukwella said.  

The Government introduced SDAs last April to encourage remittances from Sri Lankans, dual citizens, and others to shore up reserves. The SDAs will be given higher-than-market interest rates to attract deposits.

The Government introduced the SDAs on 8 April 2020 to seek assistance for the national effort to overcome the effects of COVID-19 outbreak in the country. In October, the Central Bank of Sri Lanka (CBSL) said total deposits in SDAs amounted to approximately $ 272 million. 

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