The Central Bank of Sri Lanka (CBSL) has established a new department named the “Foreign Remittances Facilitation Department” (FRFD).
Issuing a statement, the CBSL said the new department has been established to facilitate and streamline workers’ remittances inflows to Sri Lanka, under the provisions of the Monetary Law Act No. 58 of 1949.
Workers’ remittances have been a key pillar of Sri Lanka’s foreign currency earnings that has nearly 100 per cent of domestic value addition, providing a substantial cushion for the external sector resilience of the country.
Workers’ remittances have covered around 80 per cent of the annual trade deficit over the past two decades, and strengthening remittances inflows to the country brings several socio-economic benefits including the smooth supply of forex inflows to the formal banking system and the reduction of income and regional disparities.
The CBSL said that in this background, the “Foreign Remittances Facilitation Department” has been established with effect from today, the 03rd of November 2021.
The contact details of the FRFD are as follows:
Foreign Remittances Facilitation Department
No. 30, Janadhipathi Mawatha,
Colombo 01
Telephone : +94 11 247 7101 and +94 11 2 477 000
Fax : +94 11 247 7710
E-mail : frfd@cbsl.lk
(NewsWire)