Sri Lanka is reducing the amount of foreign currency people can hold

Dove: The Central Bank of Sri Lanka announced on Thursday that the country would reduce the maximum amount of foreign currency that individuals can own to $10,000 from $15,000.

The central bank announced on Thursday it would penalize anyone who holds it for more than three months, as police fired tear gas and water cannons at thousands of students demanding the government resign for failing to resolved the country’s economic crisis.

Students from the Inter-University Federation of Students attempted to march towards the presidential residence but were blocked by police in the commercial center of the capital, Colombo.

Central Bank Governor Nandalal Weerasinghe said people should place their excess foreign currency in a bank or convert it into local currency within two weeks. After that time, Central Bank officials and police will raid and anyone breaking the new rules will be fined, he said.

Sri Lanka, on the verge of bankruptcy, has suspended up to $7 billion in foreign loan repayments due to be repaid this year due to a currency crisis. The country must repay $25 billion in foreign debt by 2026 out of a total of $51 billion.

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