Sri Lanka - Foreign Exchange ControlsSri Lanka - Foreign Exchange
Sri Lanka removed exchange control restrictions on current-account transactions effective March 15, 1994. Sri Lanka relaxed exchange controls on several categories of capital account transactions beginning 2010. A new Foreign Exchange Act was introduced in 2017, further liberalizing capital transactions.
If a project receives BOI approval, the project generally avoids capital controls.
In times of balance of payments difficulties, however, the government tends to impose controls on foreign exchange transactions involving the current account. In April 2016, Sri Lanka imposed a repatriation requirement for export proceeds in the face of substantial balance of payment pressures. The Central Bank has introduced an export proceeds monitoring system as well. All exporters are required to provide details regarding export proceeds to the Central Bank on a quarterly basis.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.
If a project receives BOI approval, the project generally avoids capital controls.
In times of balance of payments difficulties, however, the government tends to impose controls on foreign exchange transactions involving the current account. In April 2016, Sri Lanka imposed a repatriation requirement for export proceeds in the face of substantial balance of payment pressures. The Central Bank has introduced an export proceeds monitoring system as well. All exporters are required to provide details regarding export proceeds to the Central Bank on a quarterly basis.
Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.