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Tuesday, June 03, 2008 - 06.04 GMT

Commercial banks permitted to accept deposits from foreigners

The Central Bank in a statement issued yesterday said that the Bank permitted domestic banking units of commercial banks to accept deposits from foreigners introducing a new scheme, Foreign Investment Deposit Accounts (FIDA) with effect from yesterday.

Citizens of foreign states, Sri Lankan citizens resident outside Sri Lanka, corporate bodies incorporated outside Sri Lanka and foreign institutional investors such as country funds, mutual funds and regional funds can now make investments in savings and time deposits in designated foreign currencies or in Rupees with commercial banks.

This permission subject to the conditions that a deposit account should maintain a minimum balance of at least US$ 10,000 or its equivalent and total foreign deposits accepted under this scheme do not exceed 20% of total deposit liabilities of the domestic banking unit.

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Last modified: July 22, 2009.