Sri Lanka, June 22 -- The Central Bank of Sri Lanka (CBSL) has issued a stern warning to the public regarding misleading advertisements promoting overseas investments in immovable properties and offering guidance on obtaining foreign financing for such ventures. The CBSL emphasizes that many of these advertised activities contravene the country's foreign exchange regulations and has signaled its intent to pursue legal action against those involved.
The CBSL's alert comes after observing a rise in such promotions across both print and social media platforms targeting Sri Lankan resident individuals. The bank has clarified the strict regulations under the Foreign Exchange Act, No. 12 of 2017 (FEA), which govern such transactions:
In light o...