ANNOUNCEMENT 07 Mar 2017

Sri Lanka permitted banks to issue loans to non-resident Sri Lankans to invest in residential real estate property.

NUMBER OF INTERVENTIONS

1

  • 0 harmful
  • 0 neutral
  • 1 liberalising
Inception date: 07 Mar 2017 | Removal date: open ended

Controls on credit operations

On 7 March 2017, the Central Bank of Sri Lanka through Direction No. 1 of 2017 permitted dealer banks to issue loans to Sri Lankans living outside Sri Lanka, either on Permanent Residency (PR) status or with a dual citizenship, for purchase/construction/development/renovation of a residential property in Sri Lanka. The loans may be granted in Foreign Currency or in Sri Lankan Rupees.

AFFECTED SECTORS

 
N/A

AFFECTED PRODUCTS

 
N/A