Govt. to relax exchange control regulations

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)