Press briefing of Cabinet Decision taken on 2024-02-05 (Subject to Confirmation at the next Meeting)

Proposed Amendments to the existing Foreign Exchange Regulations in order to implement the phase-out plan on exchange restrictions

- Sri Lanka is committed to phase out administrative measures in reaching the balance of payments in the country a stable condition as per the Report of the International Monetary Fund on Sri Lanka. In keeping with that, the Governing Board of the Central Bank of Sri Lanka has recommended to implement measures under the phase-out plan for relaxation of exchange restriction pertaining to the prohibition on converting Sri Lankan Rupees into foreign exchange for certain current international transactions. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to publish the Regulations made under the provisions of section 7(1) of the Foreign Exchange Act, No. 12 of 2017 and submit the same thereafter, to Parliament, was approved by the Cabinet.