Amid a worsening economic crisis in Sri Lanka, the island nation’s new prime minister Ranil Wickremesinghe on Thursday appointed former Maldivian president Mohamed Nasheed for securing foreign aid.
Appointed as the coordinator, Nasheed’s selection comes at a time when Sri Lankans to secure essentials and discontentment against the Rajapaksas remains at an all-time high.
To wade away its economic crisis, Sri Lanka also requested its citizens to deposit foreign currency in a bank or convert it into local currency within two weeks, It also announced the move to lower the amount of foreign currency that individuals can hold to $10,000 from $15,000, and penalize anyone who holds foreign currency for more than three months by making it against the law.
In his address, Central Bank Governor Nandalal Weerasinghe requested people to deposit excess foreign currency in a bank or convert it into local currency within two weeks of his announcement. Otherwise, he warned that central bank officials together with police will carry out raids.
The rule will be implemented under Sri Lanka’s foreign exchange act.