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Cabinet decision on US Dollar contradictory with CBSL’s statement?

The resolution tabled by the Labour Minister to increase the incentive of Rs. 10 per US Dollar remitted to Sri Lanka by migrant workers to Rs. 38 was approved by the Cabinet. The approval was briefed by the Mass Media Minister during the press conference held in announcing Cabinet Decisions on March 08.

The foreign employment rector annually remits about US$ 07 – 08 into the country. However, the Central Bank of Sri Lanka (CBSL) indicating a contradiction with the Cabinet approval has announced its maintenance of the sell price of the Dollar in not more than Rs. 230 following the Sri Lankan Rupee being allowed to float.

As the matter was questioned during the briefing held in announcing the Cabinet decisions, Cabinet Spokesman and Mass Media Minister Dullas Alahapperuma responded, “The Governor of the Central Bank will be holding a special discussion in this regard tomorrow and making an explanation. When the decision was taken by the Cabinet yesterday, the Central Bank did not reach into this approach. There was a fixed value Rs. 210 for the Dollar. But this was done in the confidence that an additional amount of Rs. 10 can be paid. However, remittances entitled to the country had dropped in massive amounts and money was being flown into the country via illegal channels. It is in this backdrop did we table this resolution to the Cabinet. The Central Bank made the decision thereafter. A technical explanation would be made in this regard by the Central Bank Governor tomorrow.”

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