COLOMBO: Sri Lanka yesterday announced the easing of foreign exchange controls to allow foreigners to repatriate capital as well as profits from real estate transactions.
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.
AFP
