Government decides to further ease capital controls

20 December 2024 06:16 am Views - {{hitsCtrl.values.hits}} 3 Bookmark

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The government has decided to further ease certain restrictions imposed on outward remittances for a six month-period until June next year based on recommendation of the Central Bank (CB).

“ The Central Bank of Sri Lanka has proposed that it is suitable to issue new directives that will be effective until June 2025 by further amending certain suspensions/restrictions imposed under the presently implemented directives,” the Government Information Department noted.

Accordingly, the President Anura Kumara Dissanayake in his capacity as the Minister of Finance, Planning, and Economic Development sought the approval of the Cabinet of Ministers to issue the directives for a six (6) month period with effect from 20-12-2024 under section 22 of the Foreign Exchange Act No. 12 of 2017.

However, the Government Information Department did not specify the details of these amendments. The validity period of the present directive in effect was set to expire yesterday.

The CB has issued 10 directives since July 2023 with the objective of gradually

removing/relaxing certain suspensions/restrictions, taking into consideration the advancements and future prospects of the foreign exchange market in the country, Sri Lanka’s foreign exchange reserves stood at US$ 6.4 billion in November this year. (NF)

Comments - 3

martin Friday, 20 December 2024 07:42 AM

Looks like someone is about to funnel money out of the country

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Sanga Friday, 20 December 2024 07:53 AM

So what are the 10??? For gods sake be informative

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nfoff Friday, 20 December 2024 10:43 AM

Hon Sir ,CBSL to Monitor to regulate a law for Online loan providers as they Register under Pvt Ltd software companies with foreign connection and do financial business in large scale for years and lend money through web app on Exorbitant interest Rate of 35% to 65% per month, to avoid CBSL and Income Tax Dep ,Plus( if delay in due date another 10% per every 10days plus 2.2% daily Interest added to total Loan it will be 300% on capital ),such ,Loan Mafia companies are Fino.lk ,Loanme.lk , Fastrupee.lk, , Cash X.lk , Lotus Loan.lk, onCredi.lk. Loan Plus.lk, and its a Daylight robbery of innocent customers hard earned monies and it’s a debt trap, as bank interest rate is less that 3% per month. CBSL to Bring a law to recover the Exorbitant interest Paid by innocent customers in the Past and to return the excess paid interest to customers from the above Online lenders. and to Pass in Parliament ,CBSL Drafted Microfinance and Credit Regulatory Authority Act

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