The Central Bank of Sri Lanka (CBSL) has mandated that all exporters of goods who receive export proceeds in Sri Lanka must convert any residual foreign currency earnings into Sri Lankan Rupees after making authorized payments.
The requirement was introduced through a Gazette notification issued by CBSL Governor Dr. Nandalal Weerasinghe.
According to the directive, exporters are permitted to utilize export proceeds only for authorized payments specified under existing foreign exchange regulations. Any remaining balance must be converted into Sri Lankan Rupees on or before the 10th day of the month following the month in which the export proceeds were received.
The measure is aimed at strengthening the country’s foreign exchange management framework and ensuring the timely repatriation and utilization of export earnings within the domestic economy.
The CBSL stated that the requirement applies to every exporter of goods receiving export proceeds in Sri Lanka during any calendar month.