By: Isuru Parakrama
Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has reportedly decided to suspend its rule previously imposed on the conversion of US Dollars into Sri Lankan Rupees, affecting Sri Lankan expatriates.
Accordingly, the rule by which a certain amount of Dollars ought to be converted into Sri Lankan Rupees from Sri Lankans living abroad and those receiving export income from this month has been suspended, local agencies reported.
CBSL Chief Nandalal Weerasinghe said there is no need to convert a mandatory part of the export earnings into Sri Lankan Rupees due to the income received from the expatriates, according to Daily News.
The CBSL’s move comes in in consideration of the rising trend of dollar inflows via the remittances, export earnings ad well as the tourism sector, the newspaper added citing the CBSL Governor.
