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© Reuters. A person counts his Sri Lankan rupees notes after changing cash at a forex trade store in Colombo, Sri Lanka November 14, 2017. REUTERS/Dinuka Liyanawatte/File Picture
COLOMBO (Reuters) – Sri Lanka has accepted regularly lifting some limits on changing rupees to overseas trade for outward remittances and the brand new instructions will probably be introduced to parliament for approval, cupboard spokesperson Bandula Gunawardane stated on Tuesday.
The island nation’s central financial institution had suspended permission to remit funds for abroad investments by Sri Lankan residents from mid-2020 besides beneath sure circumstances.
“Sri Lanka’s reserves have regularly improved and limits will probably be elevated beneath the steering of the central financial institution,” Gunawardane instructed reporters through the weekly cupboard briefing.
The nation of twenty-two million individuals is slowly recovering from its worst monetary disaster in a long time, which despatched the economic system into freefall with hovering inflation, forex depreciation and low overseas reserves.
Sri Lanka’s official reserves stood at $4.4 billion on the finish of 2023, a rise of twenty-two% in keeping with the central financial institution. About $1.5 billion of the reserves is a Chinese language yuan-denominated swap.
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