By Asiri Fernando
The special deposit accounts (SDAs) established by the Central Bank of Sri Lanka (CBSL) last year aimed at seeking assistance to overcome the effects of the Covid-19 outbreak have drawn $ 500 million by the end of September, The Sunday Morning learnt.
Responding to a query by The Sunday Morning, CBSL Governor Ajith Nivard Cabraal said the scheme introduced in 2020 had attracted deposits of over $ 500 million by the end of September.
According to Cabraal, the SDAs enable funds to be remitted easily and depositors can benefit through an additional interest paid by the Government as an incentive.
According to the CBSL, SDAs are fixed deposits with a minimum tenure of six months and can be opened in any designated foreign currency or Sri Lankan rupees.
SDAs can be rolled over up to a maximum period of 24 months from the date of placing the deposit.
The SDA accounts will not be subject to procedural requirements of the regulations passed under the Foreign Exchange Act No. 12 of 2017, the CBSL said.
Forex shortage: Special deposit accounts draw $ 500 million
14 Nov 2021
Forex shortage: Special deposit accounts draw $ 500 million
14 Nov 2021
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