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Blanket amnesty for money repatriated from Swiss Banks: FinMin

2 October 2015 04:32 pm - 13     - {{hitsCtrl.values.hits}}

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The government extended an olive branch to all Sri Lankan nationals, allowing them to repatriate all foreign investments with no questions asked.

“Please bring back your money to Sri Lanka. We won’t ask any questions and we will guarantee safety. We have already instructed the Exchange Control Department, the Central Bank and the commercial banks,” Finance Minister Ravi Karunanayake said today.

He said that the government took the decision after the Union Bank of Switzerland downgraded Sri Lanka and two other countries and ordered the closure of all accounts of these countries in its banking system.

“If the Swiss are asking you to leave, bring them here instead of taking them to Dubai or Singapore. You can put them in a current account, or invest in bonds, the stock market, or put them in savings,” Karunanayake said.

He added that the Sri Lankan Diaspora alone had foreign investments of US$10-15 billion, and the government expects US$2-3 billion in inflows in the next 6 months.

“We already have the confidence of the world with the outcomes in Geneva and New York. So place your confidence in us. You’re getting zero percent interest there. Come and get 3-4 percent interest here,” he said.

He went on to say that this would be the solution to the low local savings which is stifling local investments.

“ Instead of paying foreigners interest on bonds, we want local funds,” he said. Nearly 50 percent of the country’s debt is from foreign sources.

Karunanayake expressed that this would be the first step in creating a financial hub in Sri Lanka, and said that Indians too will be requested to bring their savings here, capitalizing on the close working relationship between the Prime Ministers of the two countries.

He added that success from this exercise would strengthen the rupee. The rupee has fallen 7 percent
against the dollar this year after the Central Bank decided to stop intervention to maintain foreign reserves.

Karunanayake was unable to comment on the current strength of foreign reserves.

“We are not desperate. If we are desperate, we can take more drastic measures,” he said.
 
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  Comments - 13

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

 
  • Prema Saturday, 03 October 2015 01:10 PM

    Only fools will trust GOSL with their savings. In the past even NRFC accounts were restricted from transferring money.

    MR Saturday, 03 October 2015 05:51 AM

    Thanks but no thanks!

    Imtiaz Saturday, 03 October 2015 05:51 AM

    Issue a circular first minister

    simon Sunday, 04 October 2015 03:38 AM

    And that office is in a mess !

    Reality Sunday, 04 October 2015 06:04 AM

    Minister sends all his money abroad illegally, but wants all others to send their money to Sri Lanka.

    aja Saturday, 03 October 2015 07:54 AM

    Well u sound desparte ...

    Yuri Saturday, 03 October 2015 07:57 AM

    Before all, Can you please find a solution to call Number other then Singhala in Tamil or English in passport office who is waiting to hear Number hear only singhala cant even understand what number they calling OR display a screen at-least can see the Number and go- its crazy

    Investor Saturday, 03 October 2015 08:40 AM

    increase the interest rates for foreign currency investments via DM Android App

    fareed Sunday, 04 October 2015 01:04 PM

    Well, this is good move and this kinds of policies should continue in order to make Sri Lanka a finincial hup and also a tourist destination and then shopping destination. There are a lot to do.

    kan Saturday, 03 October 2015 10:55 AM

    Let politicians bring back their ill-gotten wealth to Sri Lanka first as an example to the public.

    Poor Citizen Saturday, 03 October 2015 07:56 PM

    Trying to bring his black money.

    Observer Saturday, 03 October 2015 08:04 PM

    Your money will be tied up and you will have no way out. You will be dead and gone and your heard earned sweat will go to the government in the end.

    Henry Saturday, 03 October 2015 12:48 PM

    looks as a S.O.S. call from FM or helping some Diwannawa clan for a short while until the job is done. As the recent cut on interest rates for Fixed Deposits including of Senior Citizens.


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