Sri Lankan government says new exchange control laws in November
Sri Lankan government has announced that the new foreign exchange control law, which decriminalizes violations will come into effect on November 1st.The regulations were earlier to be effective from October 15th.
According to reports, Sri Lanka has slapped draconian controls on foreign exchange movements after money printing central bank created in 1951 created foreign exchange shortages and currency collapses.
Anyone who tried to protect their savings from effective expropriation by the central bank through currency depreciation was deemed to be committing a crime.
The Central Bank of Sri Lanka in the last decade had loosened many of the controls and lifted limits.
The announcement by the Sri Lankan government would ensure the inflow of foreign exchange more easily to the country. It would thereby enable investors to bring in funding for local projects more easily while local businesses would receive the opportunity to receive funding from foreign without any hassle.
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