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Sri Lanka foreign exchange liberalization pushed to Nov 01

ECONOMYNEXT – Sri Lanka’s new foreign exchange control law, which decriminalizes violations will come into effect on November 01, the government has said.

Earlier it was to be effective from October 15.

Sri Lanka slapped draconian controls on foreign exchange movements after money printing central bank created in 1951 created foreign exchange shortages and currency collapses.

Anyone who tried to protect their savings from effective expropriation by the central bank through currency depreciation was deemed to be committing a crime.

In the last decade in particular the central bank had loosened many of the controls and lifted limits. (Colombo/Oct16/2017)

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