Sri Lanka’s Central Bank reduces mandated forex sales by banks to 15%
Posted by Editor on February 27, 2023 - 10:00 am
The Monetary Board of the Central Bank of Sri Lanka has decided to reduce mandatory sale of export proceeds/receipts and inward workers’ remittances of commercial banks with effect from February 27, 2023.
Accordingly, commercial banks will now have to sell only 15 percent of such proceeds / receipts weekly to the Central Bank, down from 25 percent, which was in effect from December, 2021.
The Central Bank said the move was aimed at encouraging market-driven foreign exchange activities in the domestic forex market.
The new operating instructions are applicable on converted inward workers’ remittances, converted services sector export proceeds / receipts and the residual value of mandatorily converted export proceeds of goods.
Latest Headlines in Sri Lanka
- Sri Lanka President leads discussion on strengthening airport security and combating corruption December 28, 2024
- CAA imposes new maximum retail prices for canned fish effective today December 28, 2024
- Ex-Minister Manusha’s brother arrested in Rs. 3 million job scam December 28, 2024
- Mahinda Rajapaksa’s security chief Neville and son Yoshitha summoned to CID December 28, 2024
- Salochana Gamage arrested by CIABOC in Rs. 9 million bribery case December 28, 2024
