Sri Lankan residents permitted to have maximum of USD 10,000

The maximum amount of foreign currency retained in possession by a person in, or resident in, Sri Lanka has been reduced from USD 15,000 to USD 10,000 or its equivalent in other foreign currencies.

The Central Bank of Sri Lanka said that the Minister of Finance has issued the Order under Section 8 of the Foreign Exchange Act No. 12 of 2017, with the intention of attracting foreign currency in the hands of the public into the formal banking system.

An amnesty period of 14 working days has been granted effective from the date of the Order (16 June 2022) for persons in, or resident in, Sri Lanka who hold foreign currency notes in possession for the following:

i.To deposit into a Personal Foreign Currency Account or into a Business Foreign Currency Account as specified in the Order, or

ii.To sell to an Authorized Dealer (A Licensed Commercial Bank or National Savings Bank)

At the end of the said amnesty period, the Central Bank of Sri Lanka has the right to initiate actions against persons who hold foreign currency in possession by violating the Order, in terms of the provisions of the Foreign Exchange Act. (Colombo Gazette)