Ravi K expects return of $ 4-6 b with voluntary declarations

Thursday, 4 May 2017 00:00 - - {{hitsCtrl.values.hits}}

Finance Minister Ravi Karunanayake yesterday predicted a return of $ 4-6 billion with the proposed voluntary declarations as part of the relaxation of foreign exchange controls. “We expect around $ 4-6 billion worth of money being brought back to the country but there is more out there,” the Minister told an investor forum.

“We want Sri Lankans to bring back their money without any fears or being questioned,” he said, citing successful examples of similar measures implemented by India and Indonesia.

He said the Exchange Control Act would be abolished in two to three weeks and a new Foreign Exchange Management Act would be introduced.

Karunanayake reiterated that with a host of new measures taken, Sri Lanka’s foreign reserve base will reach $ 10 billion by the end of the year.