Lankapage Logo Recent Top Stories
Go Home Home Serving the Sri Lankan community globally since 2000
go to

Leading News from Sri Lanka::

* Sri Lanka Central Bank further relaxes Foreign Exchange Regulations
Wed, May 28, 2014, 11:23 pm SL Time, ColomboPage News Desk, Sri Lanka.

May 28, Colombo: Sri Lanka's Central Bank Wednesday said that it will implement a series of measures to further relax Foreign Exchange Regulations from today, May 28th.

The Bank said in a statement released today, that it has taken the decision to further liberalize several Exchange Control Regulations further in view of the improved macroeconomic environment, greater stability in the external sector as well as the development of a more effective and comprehensive regulatory and surveillance framework.

Under the new relaxed regulations foreign investors will be allowed to invest in non-listed debentures, in addition to listed debentures, through the Securities Investment Account (SIA).

Widening the eligibility to obtain an Electronic Fund Transfer Card (EFTC) the holders of Migrant Blocked Accounts, SIA, and Diplomatic Accounts etc. will be allowed to obtain debit cards.

Also a general permission will be granted to Licensed Commercial Banks (LCBs) to issue travel cards to their customers.

Foreign Exchange Earners' Account (FEEA) holders will be allowed to make payments relating to foreign contracts out of the existing funds in the FEEA, while LCBs will be allowed to provide loans in foreign currency to FEEA holders.

Further, eased regulations will remove the minimum balance requirement for Special Foreign Investment Deposit Account (SFIDA).

The LCBs are given permission to facilitate transactions of students, who want to go for studies abroad, to open accounts with a foreign bank. The payments also could be remitted through a Resident Foreign Currency Account, a Resident Non National Foreign Currency Account, or a Foreign Currency Account for International Services Providers and their Employees (FCAISPE).

The time restriction that was prevalent on suppliers credit for importers and the prevailing restriction on extending a Letter of Credit (LC) will also be removed.

The Central Bank expects the new measures to further enhance the external competitiveness of Sri Lanka in the global market.

ColomboPage - Recent 10 Stories
Indian Army Chief to discuss upgrading Sri Lanka's defense equipment during visit
-- [2 hours ago]
CID records statement from Minister Rajitha Senaratne on Avant Garde Chairman's claims
-- [3 hours ago]
Sri Lanka's power authority earns over Rs. 38 million through raids on power pirates
-- [3 hours ago]
Sri Lanka to introduce a new Education Act in January
-- [3 hours ago]
Sri Lanka seeks to enhance the existing cooperation with Singapore - new envoy
-- [4 hours ago]
Sri Lanka Foreign Minister signs agreement for creation of Commonwealth Trade Finance Fund for Small States
-- [5 hours ago]
Bribery Commission files case against former minister Johnston Fernando
No-confidence motion against Sri Lanka's Finance Minister handed over to parliament
Sri Lanka's tri forces ready to assist police to maintain law and order
British PM meets President Sirisena, offers £6.6 million over three years to help Sri Lanka recover from civil war

Copyright © 2000, 2014 by (LLC) :
The news and other contents on ColomboPage are copyrighted property of, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.