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SL allows foreigners to take out capital

12 June 2013 06:52 pm - 12     - {{hitsCtrl.values.hits}}

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Sri Lanka on Wednesday announced the easing of foreign exchange controls to allow foreigners to repatriate capital as well as profits from real estate transactions, AFP reported.

The Central Bank of Sri Lanka said it was making it easier for both foreigners and locals to take money in and out of the country as part of measures to spur greater economic activity.

Sri Lanka's economic growth slowed to 6.4 percent in calendar year 2012, from 8.2 percent the previous year.

The exchange controls were eased because "the domestic financial sector has become stronger and more resilient", the Bank said in a statement.

It said Sri Lankan commercial banks will also be allowed to lend in foreign currency for the first time to locals who earn abroad.

Sri Lanka has over two million of citizens employed abroad, especially in the Middle East, who sent home $5.9 billion last year, making remittances the biggest single source of hard currency for the country.

Sri Lanka sharply raised import taxes in 2011 to avoid a repeat of a 2009 balance of payments crisis.

A three percent depreciation in 2011 followed by a free float of the local currency saw the value of the rupee fall sharply and made imports more expensive while reducing pressure on the trade balance.

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  Comments - 12

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  • Fair N Square Thursday, 13 June 2013 01:19 AM

    A miracle of Asia is in the making.... but for whose benefit?

    C.K.Lankaputhra Thursday, 13 June 2013 01:28 AM

    Economic growth? We of course don't see it or feel it.

    donkey Thursday, 13 June 2013 01:47 AM

    .... good move

    Kiwi Thursday, 13 June 2013 02:00 AM

    Wonder for how long

    MR Thursday, 13 June 2013 02:19 AM

    Looks somebody is trying to fly out

    Porky Pig Thursday, 13 June 2013 02:32 AM

    The casino effect?

    Kodituwakkuarachchi Thursday, 13 June 2013 06:26 AM

    This will be effective till the VIPs ship out the loads of money they have accumulated.

    Suq Madique Thursday, 13 June 2013 06:27 AM

    This is no miracle more like a debacle. Now the ill-gotten monies of the politicians can easily be moved to Swiss banks.

    Jahamanaya Thursday, 13 June 2013 08:01 AM

    Only until someone takes his money out of the country.

    SamW Thursday, 13 June 2013 11:46 AM

    Just think. This is only for foreigners. Without easing foreign exchange control, u CAN'T develop a country / economy.


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