The Central Bank of Sri Lanka has recently approved a measure that will ease restrictions on converting rupees into foreign currency for outward remittances. This move aims to facilitate the transfer of funds by Sri Lankan individuals and businesses to overseas accounts.
Under the new regulations, individuals and businesses in Sri Lanka will be able to convert a higher amount of rupees into foreign currency for purposes such as education, healthcare, travel, and investments. Previously, there were certain limits imposed on the amount of rupees that could be converted into foreign currency for these purposes. However, the Central Bank has decided to relax these limits to provide more flexibility to individuals and businesses.
