More dollar restrictions coming

May 19, 2022 at 5:20 PM

The Central Bank of Sri Lanka (CBSL) has announced that provisions will be introduced shortly on the legal limit of foreign currency permitted to be held by a Sri Lankan resident.

Governor of the CBSL Dr. Nandalal Weerasinghe said provisions may be introduced to reduce the legal limit of foreign currency a Sri Lankan resident can hold in their possession to USD 10,000 from USD 15,000.

He said discussions are underway on whether or not to reduce the legal limit in effect currently. 

Dr. Weerasinghe further said that a grace period of two weeks will be provided to deposit currency into the banking system.

The amount can either be deposited into foreign currency or rupee accounts, the CBSL Governor added. (NewsWire)