Monday August 26, 2019

Sri Lanka new forex law delayed till Nov 20

Nov 02, 2017 09:50 AM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka has delayed the implementation of a liberalized foreign exchange law till November 20, a government notice said.

The new law decriminalizes violations listed in the act, and has relaxed many draconian controls imposed on citizens and others.

Sri Lanka imposed increasingly tighter exchange controls on the people, after loose policy from a money printing central bank established in 1951 generated foreign exchange shortages and made it easy for rulers to deficit spend.

Before the creation of the central bank with money printing powers deficit spending was limited to the amount of money raised from markets. (Colombo/Nov02/2017)