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CBSL to go tough on black market dollar price

26 Nov 2021

Due to the disparity between the exchange rate set by the Central Bank of Sri Lanka (CBSL) for the dollar and the value set by the black market, many foreign workers have become accustomed to sending money in informal ways, such as hawala, to Sri Lanka, but sending money to Sri Lanka should be done through official channels, CBSL Governor Ajith Nivard Cabraal emphasised. He stated the above speaking at the eighth Monetary Policy Review of the CBSL at the CBSL premises last morning (25). Cabraal further stated that the CBSL will take steps to disrupt and delay the relevant procedures. Cabraal, addressing the media, said: “We (the CBSL) have all seen a decline in remittances in the last few months. We have already come up with a plan and are working on it to bring the remittances back to maximum. There are several reasons for this to happen; one is that an average of 230,000 people go abroad for employment. They could not leave for about two years. Now we see many of them are trying to go abroad again. Therefore, we have talked to the Passport Office and the Ministry of Finance. We will soon issue those passports and allow them to go back to their jobs; a considerable gap has been created due to this reason. Consequently, there has been a reduction in remittances.”


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