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The Sri Lankan government, which is facing the foreign exchange crisis, has taken a big decision. The government has given the phenomenon to the maximum limit that a person can hold foreign exchange. Now in Sri Lanka, individuals can keep only 10 thousand US dollars with them. Earlier, the maximum limit for holding foreign exchange for individuals was USD 15 thousand.
Let us tell you that India’s neighbor Sri Lanka is facing an unprecedented economic crisis. To get the country out of the crisis, the command of the country has been handed over to former Prime Minister Ranil Wickremesinghe. At present, the new government does not even have money to pay for fuel. In such a situation, the government has taken this decision in view of ensuring sufficient foreign exchange reserves with it so that there is no shortage of essential food items and fuel.
Let us tell you that Sri Lanka was declared a defaulter in terms of repaying its international debt in April this year due to lack of foreign exchange reserves. Sri Lanka is the first country in Asia to be declared such a defaulter in recent decades.
Sri Lankan Prime Minister Ranil Wickremesinghe, who is currently also in charge of the Finance Minister, has issued an order to fix the maximum foreign exchange reserves holding limit under the Foreign Exchange Act. The order from the government comes more than a month after Sri Lanka’s Central Bank Governor Nandlal Weerasinghe said that he would reduce the foreign exchange holding limit for individuals from USD 15,000 to USD 10,000. Where was it?
Let us tell you that in the midst of severe economic crisis in Sri Lanka, India’s credit line was used for its export from the international market to provide LPG and petrol and diesel to the common people. India has also been thanked on behalf of the Government of Sri Lanka for allowing it to use its credit line.