Central Bank appeals for forex inflows to combat COVID-19 | Daily News


 

Forex will be exempted from Exchange Control Regulations and Taxes

Central Bank appeals for forex inflows to combat COVID-19

The Central Bank made an appeal yesterday to Sri Lankans and well-wishers here and abroad to make foreign currency deposits within the country’s banking system including specialized financial institutions at a time the country has launched a massive national program to safeguard people from COVID 19 and to provide sufficient healthcare and social security facilities.  

“Your foreign currency deposits in Sri Lankan banking system at this difficult stage will be of immense help to authorities to tide over the present crisis,” Central Bank Governor, Prof W.D.Lakshman and Secretary to the Treasury, S.R. Attygalle said in a statement yesterday.

The special statement issued by the Governor’s office further said, “We guarantee that your foreign currency deposits into the Sri Lankan banking system will be accepted without hindrance from the Government, Central Bank or any other government authority. We also guarantee future convertibility of these deposits into foreign currency whenever you desire to do so.”

The statement in full: “The Central Bank of Sri Lanka invites all Sri Lankans and well-wishers living in Sri Lanka and abroad to consider depositing their savings and other funds in foreign currency within the Sri Lanka banking system – Licensed Commercial Bank and Specialised Financial Institutions – as a gesture of goodwill and assistance to Sri Lanka and its people during the three months commencing from April 2, 2020, in support of the wide-ranging national effort to safeguard people from coronavirus, to bring its spread under control and to provide healthcare and social security to the people. Your foreign currency deposits in Sri Lankan banking system at this difficult stage will be of immense help to authorities to tide over the present crisis.

We guarantee that your foreign currency deposits into the Sri Lankan banking system will be accepted without hindrance from the government, Central Bank or any other government authority. We also guarantee future convertibility of these deposits into foreign currency whenever you desire to do so. All your forex remittances will be exempted from Exchange Control Regulations and taxes and protected under banking secrecy provisions.

This appeal goes to all Sri Lankan expatriates and those living in Sri Lanka with foreign currency holdings. The country welcomes remittances inflows to the banking system in Sri Lanka from them as well as from charitable organisations, funds and well-wishers all over the world, with the well-being of Sri Lanka and its people in their hearts. Such remittances would go a long way to promote people’s welfare during the current period of still-spreading COVID-19, and economic revival in the immediate aftermath.

This announcement and appeal are made following a decision of the Government of Sri Lanka made during the April 1st meeting of the Cabinet of Ministers. The Cabinet has decided to suspend all restrictions on foreign currency inflows in Sri Lanka during COVID-19 preventive period, defined as three (3) months commencing April 2, 2020.


Visit Kapruka.com Sri Lanka's Largest online shop. Over 125,000 unique categories such as Fresh Flowers, Cakes, Food, Jewllery, Childrens Toys and other Sri Lankan e-commerce categories. Low delivery cost to most cities here and free delivery in Colombo.

Add new comment