Controls on capital forex transactions to be extended

The Cabinet of Ministers on Monday at its meeting approved the extension of controls on select capital transactions under the Foreign Exchange Act.

The existing curbs spanning six months were to expire on 1 July 2022 and the further extension had been recommended by the Central Bank of Sri Lanka. The move is to stem the outflow of scare foreign exchange from the country. 

New rules under section 22 of the Foreign Exchange Act No. 12 of 2017 are to be issued for Parliament approval.