New Sri Lanka central bank department to implement foreign exchange law

ECONOMYNEXT – Sri Lanka’s central bank said it has set up a new department called the Department of Foreign Exchange to implement the new foreign exchange law.

A new legislative and policy framework for foreign exchange operations has been introduced by the Foreign Exchange Act, No. 12 of 2017 with effect from November 20, 2017, repealing the Exchange Control Act, No. 24 of 1953, a statement said.

The government had declared in its budget proposals for 2016 that a new foreign exchange law will be introduced to further liberalize capital flows and simplify processes associated with current account transactions and various types of foreign currency/Rupee accounts.

Relevant Regulations and Orders made under the new Act by the Minister of National Policies and Economic Affairs have been published in the Gazette Notification No. 2045/56 dated November 17, 2017.

Also, directions have been issued to Authorized Dealers (Licensed Commercial Banks) by the Director of Department of Foreign Exchange on November 20, 2017, it said.

(COLOMBO, November 24, 2017)

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