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Opening Gates

Investments in and out of the country will get a boost with the relaxation of exchange control laws soon.
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rnExchange controllers say the liberalization will help government efforts to increase investments by local and foreign companies.rn

rnldblquote Until the legislation comes through, as a temporary measure we are trying to liberalize some items under existing regulations, especially in the area of investment, dblquote says Exchange Controller H. A. G. Hettiarrachci.rn

rnOfficials say areas including allowing foreign investments to local and government debt are being considered for approval.rn

rnldblquote At the moment foreign nationals can only invest in shares. We are considering allowing them to invest in debt instruments, debentures and bonds, subject to certain limitations.

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rnProposed amendments are to go before the finance minister for approval before being gazetted. rn

rnldblquote We are planning to liberalize about 27 items which is awaiting the Ministers approval. dblquote

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