The mandatory sale of export proceeds/receipts and inward workers’ remittances of commercial banks will be reduced with effect from Monday, 27 February 2023, the Central Bank of Sri Lanka (CBSL) said.
The Daily Mirror reported that the decision has been taken by the Monetary Board of the Central Bank of Sri Lanka.
Thereby, commercial banks will sell only 15 per cent of such proceeds/receipts weekly to the Central Bank, down from 25 per cent, which was implemented in December 2021.
As per the CBSL, the new operating instructions are applicable to converted inward workers’ remittances, converted services sector export proceeds/receipts, and the residual value of mandatorily converted export proceeds of goods.
The Central Bank stated that the measure has been taken to encourage market-driven foreign exchange activities in the domestic forex market. (NewsWire)