Validity period to open Special Deposit Accounts extended; USD 360mn deposited so far

The Cabinet has approved a proposal tabled by the Prime Minister as the Minister of Finance to extend the validity period and to issue orders in accordance with the provisions of the Foreign Exchange Act to encourage the parties who wish to deposit money in Special Deposit Accounts.

The validity period for openings of the Special Deposit Accounts is due on 07 April 2021.

The relevant orders have been issued under the Foreign Exchange Act. No 12 of 2017 to open a Special Deposit Account with effect from April 2020 with a view to attract foreign currency into the country.

The Cabinet also approved to pay additional interest with a view to retain the prevailing deposits of the said accounts further.

Accordingly, as of March 2021 total deposits in the said accounts amounted to 360.3 million US dollars.