Outward remittances on capital transactions temporarily restricted

The Central Bank of Sri Lanka (CBSL) has restricted outward remittances on capital transactions for a period of six (06) months.

The CBSL said the restriction is effective from 02 July 2020.

The measures were taken with a view to preserving the foreign currency reserve position of the country and considering the possible negative impact on the Sri Lankan economy due to the outbreak of Covid-19 pandemic, the bank further said.

The order was issued by the Prime Minister in his capacity as the Minister of Finance, Economic and Policy Developments with the recommendation of the Monetary Board of the Central Bank of Sri Lanka and the approval of the Cabinet of Ministers. (Colombo Gazette)