New Sri Lankan foreign exchange laws effective today

Business

The long-awaited Foreign Exchange Act, passed by Parliament and replacing Sri Lanka's archaic Exchange Control Act making the transaction of foreign exchange more relaxed than before, will come into operation today (Monday).
This is after the necessary regulations, enabling the operation of the Act, were gazetted on Friday under a directive by Prime Minister Ranil Wickremesinghe as the Minister of National Policies and Economic Affairs.
These regulations have been cited as the Foreign Exchange (Capital Transactions in Foreign Exchange Carried On by Authorized Dealers) Regulations No. 2 of 2017.
Among other matters under the new rules, companies listed in the Colombo Stock Exchange can freely invest up to US$2 million or the equivalent in any Central Bank designated foreign currency in shares, units, debt securities or sovereign bonds overseas while the same investment in the case of unlisted companies is restricted to $500,000, partnerships to $300,000 per annum and individuals to $200,000. A company or partnership is entitled to utilise up to $300,000 (per annum) in opening overseas offices.
The regulations also provide for Sri Lankans residing overseas who are either dual citizens or have a permanent residency (PR) visa in another country to obtain loans from Sri Lankan commercial banks to purchase, construct or renovate.a residential property.
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