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Sri Lanka offers to convert Coronavirus high yield forex accounts to standard rates

ECONOMYNEXT – Sri Lanka will be given an opportunity for special deposit (SDA) forex accounts introduced in April 2020 amid Coronavirus crisis to be maintained under standard rates or transfer funds to an existing account, the state information office said.

Sri Lanka’s central bank said in April it will pay a 2 percent premium for money brought and invested in the SDA account for 12 months and 1 percent extra for 6 month deposits.

The cabinet of ministers had approved a proposal by the Monetary Board of the central bank to allow maturing deposits to be renewed and kept in Sri Lanka at standard rates.

Depositors who have other forex accounts would be given a chance to transfer maturity proceeds to existing accounts.

Deposits who do not have forex accounts such as non-governmental agencies and companies limited by guarantee could convert the dollars into rupees and keep them on condition that they were not remitted out in the future. (Colombo/Oct07/2020)

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