COLOMBO (Reuters) – Sri Lanka has authorised step by step lifting some limits on changing rupees to international change for outward remittances and the brand new instructions will likely be offered to parliament for approval, cupboard spokesperson Bandula Gunawardane mentioned on Tuesday.

The island nation’s central financial institution had suspended permission to remit funds for abroad investments by Sri Lankan residents from mid-2020 besides underneath sure circumstances.

“Sri Lanka’s reserves have step by step improved and limits will likely be elevated underneath the steering of the central financial institution,” Gunawardane informed reporters throughout the weekly cupboard briefing.

The nation of twenty-two million individuals is slowly recovering from its worst monetary disaster in a long time, which despatched the economic system into freefall with hovering inflation, foreign money depreciation and low international reserves.

Sri Lanka’s official reserves stood at $4.4 billion on the finish of 2023, a rise of twenty-two% based on the central financial institution. About $1.5 billion of the reserves is a Chinese language yuan-denominated swap.