Cabinet nod to ease foreign exchange limitations gradually

Wednesday, 7 February 2024 00:49 - - {{hitsCtrl.values.hits}}

The Government is poised to gradually relax measures taken to prevent the outflow of foreign exchange implemented during the currency crisis in 2022.

The Cabinet of Ministers at its meeting on Monday approved the proposal put forth by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation and National Policies.

The move is based on the recommendation of the governing board of the Central Bank of Sri Lanka, which has proposed the implementation of steps outlined in a phased plan to lift foreign exchange limitations.

The proposed amendments to lift the foreign exchange limitations step by step will be formulated as per the provisions of section 7 (1) of the Foreign Exchange Act No. 12 of 2017 and presented in Parliament for approval.

Speaking at the post-Cabinet meeting media briefing, Co-Cabinet Spokesman and Minister Bandula Gunawardena highlighted that there would not be a complete relaxation of import control laws, expressing his personal belief that mass importation of motor vehicles may not be feasible for the foreseeable future.

He did not provide detailed specifications regarding the measures.