By: Isuru Parakrama
Colombo (LNW): The mandatory sale of export proceeds / receipts and inward workers’ remittances of commercial banks will be slashed with effect from Monday (27), in a move to encourage market-driven forex activities in the domestic forex market, announced the Central Bank of Sri Lanka (CBSL).
Accordingly, commercial banks will sell only 15 per cent of such proceeds / receipts weekly to the CBSL, down from 25 per cent, which was implemented in December two years ago.
As per a decision by the Monetary Board of the CBSL, the new instructions will be applicable to converted inward workers’ remittances, converted services sector export proceeds / receipts, and the residual value of mandatorily converted export proceeds of goods.
