Lankapage Logo Recent Top Stories
CP 14 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

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
Sri Lanka minister's son and six others granted bail
-- [2 hours ago]
Sri Lanka's ruling party national list MP resigns from parliament
-- [3 hours ago]
Sri Lanka Defense Secretary calls on nations to share intelligence to combat transnational crime
-- [3 hours ago]
Fitch assigns Sri Lanka's Singer's notes 'A-(lka)' final rating
-- [5 hours ago]
Unilever CEO arrives in Sri Lanka on a business visit
-- [5 hours ago]
Sri Lanka Cricket condoles tragic death of Australian batsman Phillip Hughes
Sri Lankan President holds discussions with leaders of SAARC countries
Sri Lanka's left parties to field candidates for the presidential electio
Fielding a common opposition candidate for Sri Lanka presidency is an unprecedented move of solidarity - UNP
Sri Lanka's Western Provincial Council rule firm despite rumors, says Chief Minister

Copyright © 2000, 2014 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, 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 LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.