Port City to be open for investment
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Sri Lanka, April 9 -- As the Colombo Port City will be insulated from the domestic financial system there will be a more lax approach to foreign exchange controls in the special economic zone. The Foreign Exchange Act will not be applicable to Colombo Port City.
Central Bank of Sri Lanka Deputy Governor Yvette Fernando noted that though specific details are yet to be announced the Port City zone will not be subject to the foreign exchange controls that entities outside the zone but within Sri Lanka are. The Port City is currently not subject to foreign exchange controls. The framework governing Port City are yet to be made into legislation.
Fernando was speaking on yesterday at the Press Conference following the Monetary Policy Announce...
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