Sri Lanka’s Central Bank is planning to illegalize the holding of dollar notes by its citizens for longer periods, Governor Nandalal Weerasinghe said.
Accordingly, Sri Lankans will only be allowed up to 10,000 dollars as notes to keep with them without depositing in a bank or encashing at the official exchange rate.
“What we are going to do in a couple of days is that we will make it illegal to hold more than 15,000 but we are looking at bringing it down to 10,000 dollars. Even for that 10,000 dollars, they have to show proof of source,” Weerasinghe said.
“We are going to give them a grace period of two weeks for them to deposit that money either in their foreign currency account or convert them into rupees.”