CB announces new exchange control relaxation measures
Friday, 3 January 2014 00:00
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The Central Bank yesterday outlines a series of new measures aimed at relaxing exchange control policies to support the growing external environment.
"The website of the Exchange Control Department is www.ecd.lk."
Some of the announced measures are:
The development of corporate debt market will be facilitated by widening the permitted instruments available for investments by non-residents
Permission will be granted to companies that earn foreign exchange, to lend in foreign currency to companies in the same group
A borrowing scheme will be implemented for companies in priority sectors that promote the five hubs and tourism
The acquisition of leasehold rights of properties by non-residents will be facilitated
Permission will be granted for banks to lend to FEEA holders for any purpose
The investment limits for overseas investments will be increased
Sri Lankan corporates will be permitted to list their shares in stock exchanges abroad
Different accounts introduced for non-nationals who seek residency in Sri Lanka under special schemes will be amalgamated
The minimum balance requirements in SFIDA will be removed
Policies will be introduced to facilitate day to day foreign exchange transactions of residents
Permit the issue of travel cards
Permit making payments in advance to meet requirements to secure student Visa
Permit companies in construction industry to use available funds in FEEA to make payments relating to new overseas projects
Remove the requirement to obtain permission to make amendments to LCs relating to imports
The Monitoring Division of the ECD will be reorganised in order to build a strong database to analyse foreign exchange inflows and outflows
