Sri Lanka to extend restriction order on forex outflows by 6 months

Dec 01, 2020 (LBO) – Sri Lanka’s cabinet of ministers has decided to extend the validity period of the order issued under the Foreign Exchange Act regarding the restriction of outflows of foreign exchange.

Approval was given at the cabinet meeting held on 24 June 2020 to issue an order valid for a period of 06 months under the Foreign Exchange Act to impose restrictions on capital transactions that cause foreign exchange outflows.

The said Gazette Notification dated 02 July 2020 has been enacted and its validity is due to expire on 01 January 2021. It has been found that it is appropriate to extend that order for another period of 06 months.

Accordingly, the proposal made by the Prime Minister in his capacity as the Minister of Finance, to proceed with the relevant activities, was approved by the Cabinet.

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