Press briefing of Cabinet Decision taken on 2023-12-11 (Subject to Confirmation at the next Meeting)

Issuance of a New Order under section 22 of the Foreign Exchange Act, No.12 of 2017

- Approval of the Cabinet has been granted to issue an Order under section 22 of the Foreign Exchange Act No.12 of 2017 enabling to temporarily suspend/limit certain outward remittances related to certain capital transactions and current transfers commencing from April 2020. After that, measures have been taken to extend the validity period of the said Order on several occasions, and the validity period of the current Order is due to expire on 2023‑12‑27. The proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to issue a new Order for a further period of 06 months to be effective from 2023‑12‑28 removing the existing suspension on making investment in Employee Share Ownership Plans or Employee Share Option Schemes by individual residents through Outward Investment Accounts while maintaining the suspensions/limitations stipulated in the prevailing Order, and to present the said Order for approval in Parliament, was approved by the Cabinet.