Following the announcement of the 2024-2025 National Budget last month, the board of the Reserve Bank has approved further relaxation of exchange controls, effective next month.
While announcing the new measures, RBF Governor Ariff Ali said the changes are aimed at supporting economic activity and operational efficiency by making foreign exchange payments more convenient for businesses.
“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,” Mr Ali said.