The Central Bank of Sri Lanka is inviting all Sri Lankans living here and abroad to consider depositing their savings and other funds in foreign currency within the Sri Lankan banking system.

This offer is valid for three months starting from today (April 2, 2020).

The Bank appealed to all Sri Lankans to do so as a gesture of goodwill and assist Sri Lanka's efforts to strengthen healthcare and social security as well as economy amidst the challenge of mitigating the spread of COVID-19.

"We guarantee that foreign currency deposits will accepted without any hindrance from the Government, the Central Bank or any other authority. We also guarantee the future convertability of these deposits into foreign currency whenever you desire to do so. All your forex remittances will be exempted from exchange control regulations and taxes and protected under banking secrecy provisions," Central Bank Governor Prof. W.D. Lakshman, said in a statement.

The full statement as follows;

Appeal to all Sri Lankans and well-wishers living in Sri Lanka and Abroad: An Appeal Made with the Approval of the Cabinet of Ministers

The Central Bank of Sri Lanka invites all Sri Lankans and well-wishers living in Sri Lanka and abroad to consider depositing their savings and other funds in foreign currency within the Sri Lankan banking system - Licensed Commercial Banks and Specialized financial institutions — as a gesture of goodwill and assistance to Sri Lanka and its people during the three-month period commencing from April 2, 2020 in support of the wide-ranging national effort to safeguard the people from corona virus, to bring its spread under control and to provide healthcare and social security to the people. Your foreign currency deposits in Sri Lankan banking system at this difficult stage will be of immense help to authorities to tide over the present crisis.

We guarantee that your foreign currency deposits into the Sri Lankan banking system will be accepted without any hindrance from the Government, the Central Bank or any other Government authority. We also guarantee the future convertibility of these deposits into foreign currency whenever you desire to do so. All your forex remittances remittances will be exempted from exchange control regulations and taxes and protected under banking secrecy provisions.

This appeal goes to all Sri Lankan expatriates abroad and those living in Sri Lanka with foreign currency holdings. The country welcomes remittance inflows to the banking  system in Sri Lanka from them, as well as from charitable organizations, funds and well-wishers all over the world, with the well-being of Sri Lanka and its people in their hearts. Such remittances would go a long way to promote people's welfare during the current period of still spreading COVID-19, and economic revival in the immediate aftermath.

This announcement and appeal is made following a decision of the Government of Sri Lanka made during the April 1^st meeting of the Cabinet of Ministers.

The Cabinet has decided to suspend all restrictions on foreign currency inflows into Sri Lanka during COVID — 19 preventive period, defined as the three (3) months commencing 2 April 2020.