CBSL reduces cap on currency possession

COLOMBO (News 1st); The Minister of Finance has issued an order under Section 8 of the Foreign Exchange Act No. 12 of 2017, reducing the amount of foreign currency retained in possession by a person in, or resident in, Sri Lanka from USD 15,000 to USD 10,000 or its equivalent in other foreign currencies.

Accordingly, the decision, which was previously announced by the Governor of CBSL, Dr. Nandalal Weerasinghe, has been reached with the intention of attracting foreign currency in the hands of the public into the formal banking system.

Moreover, an amnesty period of 14 working days have been granted effective from the date of the Order (16 June 2022) for persons in, or resident in, Sri Lanka who hold foreign currency notes in possession to deposit into a Personal Foreign Currency Account or into a Business Foreign Currency Account as specified in the Order, or to sell to an Authorized Dealer (A Licensed Commercial Bank or National Savings Bank).

At the end of the said amnesty period, the Central Bank of Sri Lanka points out that it has the right to initiate actions against persons who hold foreign currency in possession by violating the Order, in terms of the provisions of the Foreign Exchange Act.

CBSL urges the public to contact any Licensed Commercial Bank or National Savings Bank, to refer the Order under Section 8 of the Foreign Exchange Act published in the Gazette (Extraordinary) Notification No. 2284/34 dated 16 June 2022 via the official website of the Department of Foreign Exchange, www.dfe.lk, or to contact the Department of Foreign Exchange through 011-2477255, 011-2398511 and [email protected], for further information.