Sri Lanka plans to ease foreign-exchange rules in the “next few weeks,” Central Bank Governor said, after keeping interest rates unchanged today (19) to support economic expansion.
“In the next few weeks, we are going to be relaxing some of the exchange controls that we have, which means there will be basis for outside growth as well,” Governor Ajith Nivard Cabraal said in a telephone interview with Bloomberg.
Sri Lanka is relaxing foreign-exchange rules to help spur economic growth after the end of a 26-year war last year, the Bloomberg stated.
Inflation isn’t a “major threat” in the next few months, Cabraal said.
Cultivation on land recovered from the LTTE has boosted farm production and helped slow consumer-price gains in Sri Lanka to about half the average rate of the five years through 2009, according to the Central Bank.
Sri Lanka’s $42 billion economy may grow as much as 8 percent in 2010, the Central Bank said Sept. 21, compared with an earlier forecast for a 7 percent expansion.
Prospects of faster growth and the end of the war are encouraging foreign investments.
Aitken Spence Plc, Sri Lanka’s biggest operator of resorts, said Sept. 30 it will build a hotel with Six Senses Resorts & Spas in an investment worth as much as $40 million.
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http://www.bloomberg.com/news/2010-10-19/sri-lanka-to-relax-foreign-exchange-controls-in-a-few-weeks-cabraal-says.html
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