No more “Con­troller of Ex­change”

Sunday Times (Sri Lanka) - - NEWS -

After more than 60 years, the old, revered ‘Con­troller of Ex­change’ will be thing of the past with the ad­vent of the new For­eign Ex­change Act, No. 12 of 2017 last week, re­peal­ing the Ex­change Con­trol Act, No. 24 of 1953.

Un­der the new Act, a De­part­ment of For­eign Ex­change will be es­tab­lished which is charged with fur­ther lib­er­al­is­ing cap­i­tal flows and sim­pli­fy­ing the pro­cesses as­so­ci­ated with cur­rent ac­count trans­ac­tions and var­i­ous types of for­eign cur­rency/ Ru­pee ac­counts.

The pro­vi­sions of the new Act pro­vide for a di­rec­tor who would head the De­part­ment of For­eign Ex­change in the Cen­tral Bank of Sri Lanka.

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