Sri Lanka to ban holding foreign currency notes over $10,000 Currency

According to him, more than 35 per cent of total foreign currency dealings take place outside the banking system.

 

Sri Lanka would soon implement laws banning anyone from holding foreign currency notes of  over 10,000 U.S. dollars, the central bank said on Friday.

The governor of Central Bank, Nandalal Weerasinghe told reporters that the law will be brought in to prevent the hoarding of foreign currency and draw them into the banking system.

Weerasinghe said that people were hoarding foreign currency, expecting the Sri Lankan rupee to depreciate further.

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According to him, more than 35 per cent of total foreign currency dealings take place outside the banking system.

He said that the Sri Lankan people need to have access to essential imports like fuel, gas and medicine without staying in queues, and for that foreign currency circulating in the country must be in the banking system.

Sri Lanka has been facing crippling foreign currency shortages, which has made it hard to import essential items.

 

(Xinhua/NAN)

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