Sri Lanka allows transfers from NRFC accounts

Aug 09, 2012 (LBO) – Sri Lanka’s Central bank has relaxed exchange control regulations to allow the free transfer of funds from non-resident foreign currency (NRFC) accounts, the bank releasing a statement said.

The bank said funds can be freely transferred between and among NRFC accounts including foreign currency investments abroad.

“Necessary direction to authorized dealers has already been issued, amending the directions dated 11.07.2012 in order to make it abundantly clear that any outward remittance by non-resident foreign currency account holders would be freely permitted,” the bank statement said.

“Therefore any concerns over free transferability of NRFC funds should no longer arise,” the statement further said.

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