Questions What you all do for Rupees Depression??

[::neXGen::]

Machan we all know day by day rupee fallen against the dollar, Would like to know how convenient to maintain Dollar (NRFC) account ? in terms of hard regulations ? and profitability ??

Thinking USD might hit 200 after coming election and once Gov't open all imports back to normal

I got some saved and currently don't have any plan, but really don't want to let it go for Rs depression to ban.. Kindly advise me on this and share what you all do

 

[raman2]

there is no legal way to convert your LKR to USD...
You have to earn USD and deposit it in a RFC account

 

[::neXGen::]

there is no legal way to convert your LKR to USD...
You have to earn USD and deposit it in a RFC account

what the heck..

 

[visalbro]

Rupiyalatath depression lankawe umtath depression

 

[sithija.h]

Thinking USD might hit 200 after coming election and once Gov't open all imports back to normal

This is the only question i am asking myself
I am collecting dollars since April 2020 but USD to LKR rate is still 185.

 

[qwee123]

If you're living is SL you can't open an NRFC as its for Non resident. However you can open a Resident FC accout (RFC, They've given it a new fancy name like PFCA or Something ). I always try save a portion of what I earn from freelancing, I'm pretty sure it's gonna hit high 190s after the elections.

 

[raman2]

what the heck..

no country need LKR, all deals with USD..
that's why we put import restrictions to save our foreign exchange earned by housewife working in middleast

 

[isuru_]

if you think sort term one to two months nothing to worry https://www.xe.com/currencycharts/?from=USD&to=LKR&view=1M

if you think long term one to two years there is something https://www.xe.com/currencycharts/?from=USD&to=LKR&view=1Y

if you currently have money in LKR you can recover loss if you

1. invest in a business
2. if you put money in fix deposit
3. or if you buy property

 

[sithija.h]

If you're living is SL you can't open an NRFC as its for Non resident. However you can open a Resident FC accout (RFC, They've given it a new fancy name like PFCA or Something ). I always try save a portion of what I earn from freelancing, I'm pretty sure it's gonna hit high 190s after the elections.

Do you know what is the difference between NRFC and PFCA?

 

[qwee123]

This is the only question i am asking myself
I am collecting dollars since April 2020 but USD to LKR rate is still 185.

Largely because of the Bangladesh deal which brought us good amount of USD otherwise it would've depreciated like hell.

 

[raman2]

Do you know what is the difference between NRFC and PFCA?

NRFC you have to work outside of the country to open such account. RFC you can be inside SL and deposit USD you earned by exporting/freelance etc..

 

[Alucard_SxE]

stock market invest karapan wena currency ekakata convert karaganna barinan. Naththan gold ganin,
I'm not a stock expert so CSE eke updates gena echcharama danne ne but this should be a really good time to buy stocks

personally I have some investments & I don't keep much money in rupees. USD ekath me dawas wala watenawa. In comaprison LKR ekath watenawanan ithin LKR thiyaganna eka sahenama padui

 

[qwee123]

Do you know what is the difference between NRFC and PFCA?

To my knowledge both NRFC and RFC belongs to the PFCA category. You can't open a NRFC one if you're a Srilankan National.

 

[sithija.h]

NRFC you have to work outside of the country to open such account. RFC you can be inside SL and deposit USD you earned by exporting/freelance etc..

Is this the only difference mcn?

Yesterday I went to the bank to ask about SDA Accounts as they are giving very higher Fixed Deposit rates. They told me I am not eligible to open a SDA account.

 

[qwee123]

Is this the only difference mcn?

Yesterday I went to the bank to ask about SDA Accounts as they are giving very higher Fixed Deposit rates. They told me I am not eligible to open a SDA account.

Are you a Freelancer machan? did you provide them with all the necessary documents?

 

[sithija.h]

Are you a Freelancer machan? did you provide them with all the necessary documents?

Yes mcn. I provided all information to open a PFCA Account very earlier but using the same info, I was not able to open a SDA Account. There is a rule, anyone cannot transfer any income earned (by giving services or selling goods) to a SDA Account, only foreign savings will be allowed. As we are doing freelancing, It is a service mcn. That's their point. They told me they will have to prove everything to the Central Bank.

 

[raman2]

Is this the only difference mcn?

Yesterday I went to the bank to ask about SDA Accounts as they are giving very higher Fixed Deposit rates. They told me I am not eligible to open a SDA account.

SL gov give such intensives to expat workers who work hard to make us foreign exchange..

 

[imhotep]

To my knowledge both NRFC and RFC belongs to the PFCA category. You can't open a NRFC one if you're a Srilankan National.

AFAIK all existing NRFC, RFC etc has been re-designated to PFCA category.

 

[::neXGen::]

Thanks machan la ..

#wtf kiyala thama kiyanda thiyenney. dukai ban

 

[imhotep]

Thanks machan la ..

#wtf kiyala thama kiyanda thiyenney. dukai ban

I believe you are trying to address the Rupee depreciation against the USD by converting your existing rupee savings into Dollar. The only way that will be possible is to buy USD from somewhere and hoard the cash.