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Saturday May 15th, 2021
Legal

Sri Lanka Finance Minister freed from exchange control charges

COLOMBO (EconomyNext) – Sri Lanka’s Finance Minister Ravi Karunanayake has been freed from all charges case involving alleged exchange control violations filed against him during the last regime.

Sri Lanka enacted draconian exchange control laws soon after creating a money printing central bank in 1951, which led to high inflation and currency shortages shortly after.

Karunanayake was charged in a case involving which involving a bringing foreign investments into the country through the banking system, but allegedly violating exchange control and money laundering rules.

The money was said to be remitted by US fund manager Raj Rajaratnam to purchase shares in a bank.
 

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