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AP National Business

Sri Lanka lowers amount of foreign currency people can hold

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Published 6:37 AM

By BHARATHA MALLAWARACHI
Associated Press

COLOMBO, Sri Lanka (AP) — Sri Lanka’s central bank chief has said the island nation will lower the amount of foreign currency that individuals can hold to $10,000 from $15,000 and penalize those who hold foreign currency for more than three months by making it against the law. Central Bank Governor Nandalal Weerasinghe said Thursday that people are requested to deposit their excess foreign currency in a bank or convert it into local currency within two weeks. After that, central bank officials together with police will carry out raids, he said, adding that anyone found violating the new rules will be fined. The move comes amid a severe shortage of foreign currency that has resulted in extreme difficulties in paying for the import of essentials.

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