Banks lift overseas spending limits imposed on credit cards as dollar liquidity improves

14 March 2023 07:18 am - 5 - {{hitsCtrl.values.hits}}

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Several credit card issuers have lifted the limits that hitherto had on overseas use, as they saw their foreign currency conditions improving substantially in the recent times, providing them a lot more room to allow their cardholders with higher spending thresholds when they travel overseas.

When the country’s foreign currency conditions were getting tightened last year, the banks that issued credit cards imposed daily limits on card usage on payments made overseas, to preserve the limited foreign currency within the country.

However, the recent excess foreign currency liquidity conditions in the local banking sector has prompted them to do away with such limits and allow freedom to the cardholders to spend on things up to their credit card limits.

Despite the removal of the limits, the card users must adhere to the other regulatory guidelines when using their cards, such as abstaining from using their credit and debit cards for dealings in foreign exchange, payments related to virtual currency transactions such as Bitcoin, payments related to betting, gaming and gambling activities outside Sri Lanka and payments for import of goods to Sri Lanka for commercial purpose.

The Central Bank in March 2021 issued a regulatory direction prohibiting such transactions using one’s electronic cards, to preserve foreign currency, which showed early signs of depleting amid the loss of foreign incomes, due to the pandemic and also due to grey
market activity.

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Comments - 5

Sunil Tuesday, 14 March 2023 07:53 AM

It is the duty of every Sri Lankan to be careful in using the card for foreign currency payments and only use it for essentials thereby helping the country to build it's reserves

Tissa Fernando Tuesday, 14 March 2023 08:54 AM

Now the elite who hid their export dollars abroad are given dollars to spend from tourists and worker remittances.

Karalasingam Sivalingam Tuesday, 14 March 2023 01:14 PM

Healthy scenes emanating in all spheres of people's lives, Ranil is doing his best to revive our economy and our country, let's support all his initiatives. Sadly, opposition parties won't stomach this recovery, since they lose their morale of campaigning against the government. It is time for the opposition parties to support the government in it's effort to revive the country.

Racketeer Tuesday, 14 March 2023 10:39 PM

Is there no restriction on any traveller taking exchange when travelling abroad ? Has Exchange Control been done away with ?

Daranagama Wednesday, 15 March 2023 05:39 AM

It appears that the move is a bit prematurely and hastily conceived. Similar thing happend to the very recent appreciation pf LKR, which lasted only for a couple of days !. Don't jump the Gun.

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Banks lift overseas spending limits imposed on credit cards as dollar liquidity improves

Comments - 5

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