Govt. issues new order on foreign currency held in hands of public

The Minister of Finance has issued an order under Section 8 of the Foreign Exchange Act No. 12 of 2017 with the intention of attracting foreign currency in the hands of the public into the formal banking system.It requires the amount of foreign currency retained in possession by a person in, or resident in, Sri Lanka brought down to USD 10,000 from USD 15,000 or its equivalent in other foreign currencies.

Granting an amnesty period of 14 working days effective from the date of the Order (16 June 2022) for persons in, or resident in, Sri Lanka who hold foreign currency notes worth more than USD 10,000 are requested to :

i. To deposit the extra amount into a Personal Foreign Currency Account or into a Business Foreign Currency Account as specified in the Order, or

ii. To sell to an Authorized Dealer (A Licensed Commercial Bank or National Savings Bank)

At the end of the said amnesty period, the Central Bank of Sri Lanka has the right to initiate actions against persons who hold foreign currency in possession by violating the Order, in terms of the provisions of the Foreign Exchange Act.

Licensed Commercial Bank or National Savings Bank will provide further information on this requirement. The public can also get information from the Department of Foreign Exchange on phone lines 011-2477255, 011-2398511 and by emailing to dfe@cbsl.lk.