FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com


Join the forum, it's quick and easy

FINANCIAL CHRONICLE™
Dear Reader,

Registration with the Sri Lanka FINANCIAL CHRONICLE™️ would enable you to enjoy an array of other services such as Member Rankings, User Groups, Own Posts & Profile, Exclusive Research, Live Chat Box etc..

All information contained in this forum is subject to Disclaimer Notice published.


Thank You
FINANCIAL CHRONICLE™️
www.srilankachronicle.com
FINANCIAL CHRONICLE™
Would you like to react to this message? Create an account in a few clicks or log in to continue.
FINANCIAL CHRONICLE™

Encyclopedia of Latest news, reviews, discussions and analysis of stock market and investment opportunities in Sri Lanka

LISTED COMPANIES

Submit Post


ADVERTISE
Poll

EXCHANGE RATE PREDICTION: 2022

 
 
 
 

View results

ශ්‍රී ලංකා මූල්‍ය වංශකථාව - සිංහල
Submit Post


CONATCT US


Send your suggestions and comments

* - required fields

Read FINANCIAL CHRONICLE™ Disclaimer



Latest topics

» BIL again possible make right issue, confirmed via past patterns, don't afraid,.
by invest thinker Today at 12:44 am

» The world- Including Sri Lanka started to feel the pinch of the Russia- Ukraine war
by reyaz Today at 12:12 am

» Technical update 03/10/2022 - Maharaja
by Maharaja Yesterday at 9:29 pm

» SEC nets big sharks; more prosecutions soon
by CHRONICLE™ Yesterday at 2:51 pm

» ASPI 10000, Still a Long Way to Go
by sojsilva Yesterday at 11:48 am

» RAL UNTOLD STORY, KEEPING TOUCH
by blindhog Yesterday at 11:29 am

» LOFC Future
by Equity Win Sat Oct 01, 2022 11:40 am

» Expolanka Promoter - The Capital Trust Securities WATCH OUT!!!
by ADVENTUS Fri Sep 30, 2022 2:19 pm

» PLR (Prime Lands )Next Value counter.. Fair Value Rs 20
by Citizen Silva Fri Sep 30, 2022 1:47 pm

» SOFTLOGIC CAPITAL PLC (SCAP.N0000)
by Rational Investor Fri Sep 30, 2022 11:49 am

» RGEM. A real gem in the market
by skyfall Fri Sep 30, 2022 11:24 am

» WHAT ARE YOUR GOOD OL' DIVIDEND STOCKS?- NOW IS THE TIIME TO INCREASE YOUR STAKE IN THEM
by ADVENTUS Thu Sep 29, 2022 2:42 pm

» FCT.N & CFVF
by nish84 Wed Sep 28, 2022 10:06 pm

» HAPUGASTENNE PLANTATIONS PLC(HAPU.N0000) TP Rs140
by cheetah Wed Sep 28, 2022 9:31 pm

» RHL (Renuka Holdings)
by skyfall Wed Sep 28, 2022 11:51 am

» KOTA is the future gem
by suku502 Wed Sep 28, 2022 11:10 am

» COCR......GOOD TIME TO ENTER
by suku502 Wed Sep 28, 2022 10:46 am

» ACL 200++ AND LCBF 5+++
by Stockbull Wed Sep 28, 2022 9:27 am

» CENTRAL INDUSTRIES PLC (CIND.N0000)
by LHW Wed Sep 28, 2022 7:47 am

» CAL - Possible multi bagger
by bkasun Tue Sep 27, 2022 4:06 pm

EXPERT CHRONICLE™

MARKET CHAT


ECONOMIC CHRONICLE

GROSS DOMESTIC PRODUCT (GDP)


CHRONICLE™ YouTube

LATEST TWEETS

You are not connected. Please login or register

FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka’s central bank invites public to open forex accounts

Sri Lanka’s central bank invites public to open forex accounts

Go down  Message [Page 1 of 1]

CHRONICLE™

CHRONICLE™
Admin

ECONOMYNEXT – Sri Lanka’s central bank is inviting members of the public who have in their hand legitimately acquired foreign currency to open foreign currency accounts in bank and deposit them.

Sri Lankan citizens are allowed to hold up to 15,000 dollars worth of foreign currency in hand if it was brought back from abroad as salaries after working, payments for goods or services, withdrawn their own forex account or taken from a bank to travel abroad and not used.

The central bank said a foreign currency account could be opened with the money, which will be pay interest and also be used for future foreign travel or for permitted foreign currency transactions.

People who already have accounts could deposit the cash in their banks and earn interest.

Banks generally pay around 2 to 3 percent for forex accounts. However customers say if they try to withdraw the money in rupees, some banks may charge 2 to 3 years worth interest as a commission from the day’s published exchange rate.

Meanwhile the central bank said any foreign exchange in hand could also be used to pay bills at approved hotels.

A person could also hold higher amounts higher than 15,000 dollars for up to 90 days after returning from abroad before depositing.

In gazette notices Sri Lanka has earlier required returnees to declare at customs of more than 15,000 is brought the country.

A person in Sri Lanka who supplies services to a person residing outside Sri Lanka or for selling goods in duty free services could also receive foreign exchange but they should be deposited in a foreign exchange account within 7 days.

In most countries citizens are prohibited from holding competing foreign currency to enforce a money monopoly of the state, and citizens are not allowed to hold significant amounts of cash.

The central bank will then print money, depreciate the real value of the domestic currency and effectively expropriate the people.

When central banks prints money and does not defend the currency and domestic currency depreciate steeply people in some countries people start transacting also write contracts including salaries in foreign currency to stop the state from impoverishing them which is known as dollarization.

Residents of Colombo Port City is expected to receive dollar salaries and be protected from the liquidity injections and depreciation. Chinese workers in construction sites and other foreign workers are also usually paid in dollars and are protected from liquidity injections and depreciation. (Colombo/Apr02/2021)

Kevinmikegrit and kusxn like this post

https://www.srilankachronicle.com

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum