[Source: V&R]

The Reserve Bank Board has approved further relaxation of exchange controls, to be effective from August 1st.

Governor Ariff Ali while announcing the new measures, highlights that the changes are aimed at supporting economic activity and operational efficiency by making foreign exchange payments more convenient for businesses.

Ali says the changes also attempt to achieve the exchange control delegations that were in place pre-pandemic, before the Bank tightened exchange controls as a precautionary measure to protect foreign reserves.