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Sri Lanka’s Capital Alliance in first cross-border stock deal in Bangladesh

ECONOMYNEXT – Capital Alliance, a Colombo-based investment banking group said it had helped make a client in Sri Lanka make a transaction in the Bagladesh stock exchange for the first time.

"Our first international investment was on the Dhaka Stock Exchange in Bangladesh," Chief Executive of CAL Securities Harinlal Aturupane said in a statement.

"CAL has supported investors on the CSE for many years, but the liberalization of foreign exchange laws has really broadened the investment universe for Sri Lankans," he said.

CAL partnered with Lanka Bangla Securities, a licensed stockbroker on the Dhaka Stock Exchange to carry out the trade on behalf of a client.

Liberalization of Sri Lanka’s forex laws had allowed listed companies to invest in listed foreign securities up to 2 million dollars a year and unlisted firms 500,000 dollars.

An individual could invest up to 200,000 dollars in a lifetime. Sri Lanka has slapped increasingly draconian exchange controls shortly after the creation of a money printing central bank in 1951 which operates an unstable soft-pegged regime. (Colombo/Sept19/2018)

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