Sri Lanka reduces amount of holding foreign currency

Colombo: The Central Bank of Sri Lanka on Saturday announced that the amount of foreign currency an individual can hold has been reduced from $15,000 to $10,000.

The central bank said the decision was taken to attract foreign currency into the formal banking system amid the ongoing economic crisis, reports Xinhua news agency.

An amnesty period of 14 working days effective from June 16 is granted for persons holding foreign currency notes, during which they can deposit them into a foreign currency account or sell them to an authorized dealer, according to the central bank.

At the end of the amnesty period, the central bank will initiate actions against anyone who violates the order, in terms of the provisions of the Foreign Exchange Act.