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Sri Lanka to repeal exchange control law

ECONOMYNEXT – Sri Lanka will repeal and existing draconian exchange control law and replace it with an exchange management act, Finance Minister Ravi Karunanayake said.

Foreign investors will be allowed to bring in fund to any bank and there would be no necessity to bring them in through special investment accounts, he said.

Unless the proceeds were from illegal acts, no one will be prosecuted for bringing such funds, he said. Karunanayake was himself charged under Sri Lanka’s draconian exchange control laws.

The laws were brought after a money printing central bank was set up in 1951 generating forex shortages.

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