Sri Lanka waives ban on foreign accounts

The Central Bank of Sri Lanka will allow foreigners to open accounts with the country's commercial banks in a bid to close the domestic savings gap and foster growth.

The move, effective as of Monday, will enable foreign citizens, Sri Lankans living abroad, as well as foreign businesses and institutional investors to make investments in savings and time deposits in some foreign currencies or rupees.

The central bank said the move was to encourage mobilisation of foreign savings to fill the cou