Sri Lanka softens forex restrictions

The Central Bank of Sri Lanka on Tuesday said it would relax foreign-exchange restrictions on banks after pressure on the rupee abated.

The central bank also lowered its benchmark repurchase and reverse repurchase rates by 50 basis points each to two-year lows of 8.5% and 11% respectively. It is the third round of cuts this year.

The central bank implemented controls limiting the amount of foreign currency banks could hold last October to temper exchange-rate volatility in the wake of the

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