Sri Lankan citizens to be able to open foreign accounts

Calcutta News.Net
Tuesday 5th January, 2010

Sri Lanka has said it will relax its strict foreign exchange controls.

At the end of the 37-year conflict on the island, the central bank has said people will now have the ability to open foreign bank accounts.

Local firms will also be able to seek listings in overseas markets, while foreigners in the country will be allowed to invest freely in bonds issued by local companies.

They will also be able to open Sri Lankan rupee accounts.

Foreign reserves in Sri Lanka are at an historic high of US$5.2 billion.

The new foreign exchange rules will be instituted in March.

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