Sri Lanka limits overseas forex holding to $10k from $15k

Home » Sri Lanka limits overseas forex holding to $10k from $15k
COLOMBO: Money-strapped Sri Lanka has decreased the restrict of overseas forex possession by a person from $15,000 to $10,000, in a determined transfer to shore up its fast-depleting foreign exchange reserve required to fund the import of necessities, together with meals and gasoline. Sri Lanka is dealing with a extreme foreign exchange disaster that has compelled the nation to declare a default of its worldwide debt in April, turning into the primary Asia-Pacific nation in a long time to default on overseas debt.
PM Ranil Wickremesinghe issued the order underneath the Overseas Alternate Act to get overseas forex from the fingers of the general public into the formal banking system. An amnesty interval of 14 working days from June 16 has been granted to deposit the surplus overseas forex or promote to an authorised supplier.

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