Lankans can open, maintain accounts with banks abroad

4 January 2010 10:26 am - 0 - {{hitsCtrl.values.hits}}

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The Central Bank (CB) says Sri Lankans will now be allowed to open and maintain accounts with banks abroad and invest in equity or short term debt instruments in overseas companies. The Bank website also said that foreigners can invest in rupee denominated debentures issued by local companies. Foreigners on tour or business in Sri Lanka can also open Sri Lanka Rupee accounts.

The Bank also said that as part of a relaxation in some regulations, listed companies can now list in foreign stock exchanges and certain foreign companies can open places of business in Sri Lanka.

The Bank further said that there will be an increase in the level of advance payments for

Imports, removal of the restrictions on pre-payment of import bills, removal of margin requirements on selected imports under advance payments and greater flexibility for forward contracts in foreign currency to cover current and capital transactions.

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Lankans can open, maintain accounts with banks abroad

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