Sri Lanka will lower the amount of foreign currency that individuals can hold to $10,000 from $15,000, and penalize anyone who holds foreign currency for more than three months by making it against the law, the island nation’s central bank chief announced Thursday amid the worst economic crisis in recent memory.
Central Bank Governor Nandalal Weerasinghe told reporters that people are requested to deposit excess foreign currency in a bank or convert it into local currency within two weeks of his announcement. After that time, central bank officials together with police will carry out raids, he said, adding that anyone found violating the new rules will be fined.
