June 2, Colombo: Central Bank of Sri Lanka (CBSL) further liberalising the country's banking industry today authorised the local banks to accept deposits from foreign nationals. In accommodating such deposits from citizens of foreign states, Sri Lankan citizens resident outside Sri Lanka, corporate bodies incorporated outside Sri Lanka and foreign institutional investors such as country funds, mutual funds and regional funds CBSL has also introduced a new scheme; Foreign Investment Deposit Accounts (FIDA).
However such deposits will be subjected to conditions that each account should maintain a minimum balance of US $ 10,000 or its equivalent and total foreign deposits accepted under this scheme do not exceed 20% of total deposit liabilities of the domestic banking unit.
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