Remittances by Sri Lankan expatriates will not be subjected to the Central Bank of Sri Lanka’s (CBSL) rule on mandatory conversion of export proceeds, CBSL Governor Ajith Nivard Cabraal confirmed in a tweet today (09).
Explaining further, the Governor clarified that this is because such remittances are not considered as a service export.
It was also mentioned that outward remittances in respect of current transactions, withdrawal in forex as permitted, debt servicing expenses, purchases of goods and services and investments in Sri Lanka Development Bonds (SLDBs) are allowed before converting export earnings into rupees under the rule issued by the CBSL.
Cabraal also said that export proceeds are no longer subjected to the 25% mandatory conversion rule issued by the CBSL. Instead, the residual amount after allowing for permitted debits need to be converted into rupees.
Expat remittances not subjected to CBSL’s mandatory conversion rule: Cabraal
09 Nov 2021
Expat remittances not subjected to CBSL’s mandatory conversion rule: Cabraal
09 Nov 2021
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