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Foreigners can open accounts with US$500,000

The government is reported to have prepared legislation to permit foreign nationals to open foreign currency accounts in Sri Lanka with a minimum deposit of US$500,000 or more.

The legislation titled ‘Special Deposit Account’ has been gazetted. In addition to US dollars, the other permitted foreign currencies for such purposes are sterling pounds, Swiss francs, Australian dollars, Singapore dollars, Canadian dollars, Japanese Yen, and Euros for the equivalent of USD500,000.

Apart from these seven currencies, the subject minister will be authorised to approve other currencies where necessary.

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