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Sri Lanka’s Cabinet Approves New Foreign Exchange Rules; Reinstates Employee Stock Scheme Investments

The Cabinet of Ministers has approved new foreign exchange rules that both extend existing restrictions and lift some limitations, including the reinstatement of employee investments in stock schemes, effective December 28, 2023. This comes as the current rules, implemented under Section 22 of the Foreign Exchange Act No.

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12 of 2017 in April 2020, are set to expire on December 27, 2023.
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While the new rules will maintain the majority of existing restrictions on direct remittances for capital and certain current transactions to safeguard Sri Lanka's financial stability, importantly, the clause previously suspending employee investments in stock schemes and employee preference schemes through forward investment accounts for resident individuals has been overruled.

These new rules will be effective for six months, from December 28, 2023, and will be submitted to Parliament for approval in accordance with the Foreign Exchange Act.

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