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With this new decision, foreign currencies can be remitted out of NRFC, RFC and RNNFC (Resident Non National Foreign Currency) accounts and FEEA (Foreign Exchange Earners’ Account) for any purpose and prior approval need not be obtained for such remittances. Up to 10,000 US dollars or its equivalent can be withdrawn in cash from such accounts for any purpose.
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Earlier foreign currency withdrawals were limited for activities like education or medical purposes and banks had to ensure that transactions were only for current account purposes.
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Read More: Sri Lanka’s CB to remove restrictions on withdrawals from NRFC/RFC accounts
Great news. Now only if they could bring the dollar back to <120…
Yes, absolutely. Liberalise, attract and mop up rupee excess liquidity with slightly higher interest rates.