Prime Minister as the Minister of Finance to issue an order under Section 7 (1) of the Foreign Exchange Act No. 2 of 2021 to make the necessary provisions for the implementation of the proposal to facilitate local companies to raise foreign funds and to submit that order to the Parliament for approval. The Colombo Stock Exchange has submitted a proposal to list out the foreign currency denominated shares issued by the Sri Lankan registered companies on the Colombo Stock Exchange with the aim of increasing the ability of local companies to raise foreign funds in Sri Lanka. Foreign Exchange Orders No. 2 of 2021 does not permit funds to be debited to the Business Foreign Currency Account by the issuance of debentures or initial shares issued in foreign currency or the payment of dividends or the payments received by distributing of foreign currency.

Source: The Nation June 29, 2021 05:48 UTC