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CBSL announces mandatory forex sales by banks drop to 15 per cent

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.

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