Local firms borrow $ 197 m from abroad

Central Bank revealed yesterday that 14 private companies have obtained foreign loans amounting to $ 197 million as at mid-September.This was following the exchange control relaxations effected by the Central Bank in November 2010.         

“The relaxation measures which enabled corporates to borrow from foreign sources resulted in 14 private companies obtaining foreign loans amounting to US$ 197.1 million by mid-September 2011,” the Central Bank said.

The permission granted for foreign companies to open places of business resulted in 20 new foreign companies commencing business in Sri Lanka this year, the Bank added.