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| 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.
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