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Wednesday July 6th, 2022

Sri Lanka to crack down on foreign currency note holders: CB Governor

ECONOMYNEXT – Sri Lanka will lower the limit on foreign currency note holdings of public to 10,000 US dollars from 15,000 and crack down on anyone holding them for over three months, Central Bank Governor Nandalal Weerasinghe said.

Holders of currency notes will be given a grace period and they will then be expected to deposit the money in the banking system.

Under Sri Lanka’s foreign exchange law, currency notes which are held against contravening the rules will be seized, he said.

Recently two seizures had taken place.

Police and central bank officials will take action to seize foreign currency held by the public.

Many people were holding notes at home and also in bank vaults, he said.

Currency note holders could also deposit in dollar account of banks subject to satisfying know your customer processes of banks Governor Weerasinghe said.

When dollars are converted to rupee returns are now around 20 percent in Treasury bills, he said. (Colombo/May19/2022)

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