Some direct controls put into place in April this year by the Reserve Bank to help in the country's economic recovery, will be removed.
This has been confirmed by Governor Sadda Reddy who said these controls had served their purpose during a period when foreign reserve levels were very low.
Reddy said effective from January 1st 2010, Specific Exchange Control transactions will be re-delegated to commercial banks and foreign exchange dealers with increased limits and the lending rate and interest rate spread policies will be removed.
In removing the lending rate and interest rate spread policies, Reddy stated that all commercial banks are advised to maintain the trend in lendig rate and any increase in spread above 4 percent in the future will have to be fully justified and explained to the RBF.
Some direct controls to be removed
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