Praneeta Prakash 
The Board of the Reserve Bank has approved further relaxation of exchange controls.
This comes into effect from June 1st.
Governor Ariff Ali says the changes are in line with the current strong performance of the economy and its favorable growth prospects moving forward.
Ali says that over the years, changes to exchange controls were made progressively in a sequenced programme, simultaneous with other economic and financial reforms.
The Governor says that tightening exchange controls at the onset of the COVID-19 pandemic in 2020 enabled the Reserve Bank to maintain foreign reserves at comfortable levels, restored confidence, facilitated business operations, and assisted economic recovery.
Ali says the changes include further increases in the delegated limits to commercial banks and foreign exchange dealers, the re-delegation of certain capital transactions that were pulled back in 2020, and the streamlining of documentary requirements for offshore payments.
These changes would facilitate operational efficiency for businesses and personal transactions.
