The Central Bank of Sri Lanka (CBSL) established the Foreign Remittances Facilitation Department (FRED) with effect from yesterday (3) in order to facilitate as well as streamline workers’ remittances inflows to the country.
It is to be enacted under the provisions of the Monetary Law Act No. 58 of 1949.
Workers’ remittances cover approximately 80% of the annual trade deficit over the past two decades. Therefore, it has been identified that strengthening remittances inflows to the country brings several socioeconomic benefits such as supply of forex inflows to the formal banking system as well as the reduction of income and regional disparities.
Accordingly, workers’ remittances have been a key factor in Sri Lanka’s foreign currency earnings that has nearly 100% of domestic value addition, providing external sector resilience of the country.
Foreign Remittances Facilitation Deptartment established
04 Nov 2021
Foreign Remittances Facilitation Deptartment established
04 Nov 2021
Kapruka
Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!
Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Automobile, Mother and Baby Products, Clothing, and Fashion. Additionally, Kapruka offers unique online services like Money Remittance, Astrology, Medicine Delivery, and access to over 700 Top Brands. Also If you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.Send love straight to their heart this Valentine's with our thoughtful gifts!