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Article: SRI LANKA CENTRAL BANK TO RELAX FOREX CONTROLS.
- Article from:
- AsiaPulse News
- Article date:
- November 6, 2009
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COLOMBO, Nov 6 Asia Pulse - Sri Lanka's central bank is planning to relax foreign exchange controls allowing up to US$500,000 to be taken out for investment purposes without approval of the central bank, a media report said.
Under Sri Lanka's tough exchange control laws, investments abroad has to be examined case by case by the Central Bank and approval also sought from the finance ministry.
"[T]he proposed measures would enable people to take up to US$500,000 out of the country for investment purpose without obtaining the approval of the Central Bank," Central Bank governor Nivard Cabraal was quoted as saying in the Daily Mirror newspaper.
"It ...