Aaj English TV

Saturday, March 02, 2024  
20 Shaban 1445  

Sri Lanka approves lifting some limits on rupee conversion for outward remittances

Country of 22 million people is slowly recovering from its worst financial crisis in decades
A man counts his Sri Lankan rupees notes after converting money at a currency exchange shop in Colombo, Sri Lanka November 14, 2017. Reuters
A man counts his Sri Lankan rupees notes after converting money at a currency exchange shop in Colombo, Sri Lanka November 14, 2017. Reuters

Sri Lanka has approved gradually lifting some limits on converting rupees to foreign exchange for outward remittances and the new directions will be presented to parliament for approval, cabinet spokesperson Bandula Gunawardane said on Tuesday.

The island nation’s central bank had suspended permission to remit funds for overseas investments by Sri Lankan residents from mid-2020 except under certain conditions.

“Sri Lanka’s reserves have gradually improved and limits will be increased under the guidance of the central bank,” Gunawardane told reporters during the weekly cabinet briefing.

The country of 22 million people is slowly recovering from its worst financial crisis in decades, which sent the economy into freefall with soaring inflation, currency depreciation and low foreign reserves.

Sri Lanka’s official reserves stood at $4.4 billion at the end of 2023, an increase of 22% according to the central bank. About $1.5 billion of the reserves is a Chinese yuan-denominated swap.

For the latest news, follow us on Twitter @Aaj_Urdu. We are also on Facebook, Instagram and YouTube.

Sri Lanka

Bandula Gunawardane

Comments are closed on this story.

Comments

Taboola

Taboola ads will show in this div