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Following the announcement of the 2024-2025 national budget last month, the Reserve Bank board approved further easing of foreign exchange controls, which will take effect next month (see table on the right).
Announcing the new measures, RBF Governor Arif 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 seek to implement foreign exchange control mandates that were in place before the pandemic, before the central bank tightened foreign exchange controls as a precautionary measure to protect foreign exchange reserves,” Ali said.
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