No more “Controller of Exchange”
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.