Sri Lanka’s central bank invites public to open forex accounts

By MSV On Apr 3, 2021

COLOMBO: Sri Lanka’s central bank is inviting members of the public who have in their hand legitimately acquired foreign currency to open foreign currency accounts in bank and deposit them, according to Economy Next.

Sri Lankan citizens are allowed to hold up to 15,000 dollars worth of foreign currency in hand if it was brought back from abroad as salaries after working, payments for goods or services, withdrawn their own forex account or taken from a bank to travel abroad and not used.

The central bank said a foreign currency account could be opened with the money, which will be pay interest and also be used for future foreign travel or for permitted foreign currency transactions, according to Economy Next,

Sri Lanka’s central bank is inviting members of the public who have in their hand legitimately acquired foreign currency to open foreign currency accounts in bank and deposit them.

The central bank said a foreign currency account could be opened with the money, which will be pay interest and also be used for future foreign travel or for permitted foreign currency transactions.

In gazette notices Sri Lanka has earlier required returnees to declare at customs of more than 15,000 is brought the country.

A person in Sri Lanka who supplies services to a person residing outside Sri Lanka or for selling goods in duty free services could also receive foreign exchange but they should be deposited in a foreign exchange account within 7 days.

Residents of Colombo Port City is expected to receive dollar salaries and be protected from the liquidity injections and depreciation.

Chinese workers in construction sites and other foreign workers are also usually paid in dollars and are protected from liquidity injections and depreciation.