On 28 May 2014, the Central Bank of Sri Lanka relaxed certain foreign exchange regulations. The new regime liberalises several aspects of the transactions in foreign currency:
- Authorised Dealer (AD) banks were permitted to issue foreign travel cards to eligible customers
- Minimumbalancerequirement onSpecialForeignInvestmentDeposit Accounts (SFIDA) was withdrawn
- ForeignExchangeEarners'Account(FEEA)holdersareallowedtomake payments relating to foreign contracts out of the existing funds in the FEEA.
- Authorised Dealers are allowed to extend loans in foreign currency to FEEA holders
- Authorised Dealer banksarepermittedtoissue,extendthevalidityperiodandamendclausesofaLetterofCredit(LC)withoutreferringtotheControllerof Exchange.
- Foreign investors are permitted to invest in non-listed debenture in addition to listed debentures through the Securities Investment Account (SIA).
- The eligibility to obtain debit cards known as Electronic Fund Transfer Cards (EFTC) is widened to include holders of Migrant Blocked Accounts, SIA's, Diplomatic Accounts etc.
- Loncal banks were permitted to facilitate international transactions of students intending to study abroad
- The time restriction on suppliers' credit for importers was removed