The Government will introduce new legislation, by end January next year, relaxing the strictures placed on exchange control, Finance Minister Ravi Karunanayake said yesterday.
It was one of the Budget proposals.
When asked about the progress made, he said the Legal Draftsman’s Department was in the process of preparing the necessary legislation.
Currently, the Central Bank controls the exchange rates but with the new legislation it would be the market which would determine the rates. (Kelum Bandara)