AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

Sri Lanka's central bank said on Monday it will lift all restrictions on people sending money earned in foreign currencies outside the country this week, in a move aimed at reassuring investors as the local rupee hits record lows. The new rule does not apply to foreign currency bought with Sri Lankan rupees, however. The rupee hit a record low on Monday due to a shortage of dollars in the market and has been under pressure from exporters' reluctance to convert dollars and from slow inward remittances.
While the authorities have encouraged savings in foreign currencies, resident and non-resident foreign currency account holders have not been allowed to send earnings made in foreign currencies abroad freely. "With this move, you will have foreign currency accounts with the banks that can be utilised to any purpose. No questions will be asked," Central Bank Governor Arjuna Mahendran told reporters.
Deputy Governor N. Weerasinghe said account holders can only freely transfer money earned in foreign currencies, however. The island nation has relaxed many restrictions on foreign exchange including allowing offshore investors into rupee denominated debentures, letting local firms borrow from foreign sources and allowing foreign investors to open foreign currency accounts.

Copyright Reuters, 2016

Comments

Comments are closed.