Restrictions on withdrawing funds from foreign currency accounts eased: Arjuna Mahendran

Restrictions on withdrawing funds from foreign currency accounts eased: Arjuna Mahendran

Restrictions on withdrawing funds from foreign currency accounts eased: Arjuna Mahendran

Written by Staff Writer

04 Jan, 2016 | 9:34 pm

The Central Bank Governor Arjuna Mahendran on Monday announced that restrictions on withdrawing funds from foreign currency accounts opened with Sri Lankan banks will be eased.
“With immediate effect from the end of this week, we will be posting a new circular to all commercial banks in Sri Lanka that they can allow the operation of these RFC and NRFC accounts to be conducted without any restrictions,” Governor Arjuna stated.
Both residents and non-residents will now benefit from being able to withdraw funds up to the amount deposited, plus any interest with no restrictions after the gazette set out on December 29, 2015 is circulated to all commercial banks in Sri Lanka this coming Friday, January 8.
Governor Arjuna said that the move was intended to make it easier for both residents and non-residents to have access to their funds and that the eventual goal was to allow Sri Lanka to become a financial hub for the South Asian region.
“It’s just that it has been very tedious to withdraw funds from those accounts once they are open. So, what we are doing is that we are making them less tedious in fact we are making them quite ordinary like any normal bank account, where there is absolutely no restriction on anybody putting in their money on taking it out,” he said.
The governor made the announcement at a press briefing held earlier Monday where he also made a statement when questioned by the press about the controversial bond issue that occurred earlier last year.
“As far as I am aware, COPE, the Committee on Public Enterprises was investigating the matter, and then the Parliament was dissolved. And the group has now been appointed the new COPE and they will resume, you know, their investigations, but I must also add that in the Supreme Court the matter was also taken up and the Supreme Court judged that there had been no malfeasance,” the Governor said.

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