Sri Lanka central bank imposes capital controls

Measure restricts exports of foreign currency as government faces debt challenge

colombo-sri-lanka

The Central Bank of Sri Lanka announced new capital controls on July 2, limiting the movement of foreign currency out of the country for six months. The move comes as Sri Lanka faces a depreciating currency, a fragile reserve position and an increasing risk of default.

Prime minister Mahinda Rajapaksa, who is also finance minister, suspended certain foreign investment activities. The CBSL’s monetary board had advised Rajapaksa to impose the restrictions. The five-member monetary board is the

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