Writen by Abdul Mujeeb 1:34:00 PM - 0 Comments
|Central Bank further relaxes Foreign Exchange Regulations|
Sri Lanka's Central Bank said that it will implement a series of measures to further relax Foreign Exchange Regulations from today, May 28th 2014.
The Bank, 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 unlisted 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.
The Central Bank expects the new measures to further enhance the external competitiveness of Sri Lanka in the global market.