CB reduces mandated forex sales by banks to 15%

Sri Lanka Central Bank
Sri Lanka Central Bank

The Monetary Board of the Central Bank has decided to reduce mandatory sale of export proceeds/receipts and inward workers’ remittances of commercial banks with effect from February 27, 2023.

Accordingly, commercial banks will now have to sell only 15 percent of such proceeds/receipts weekly to the Central Bank, down from 25 percent, which was in effect from December, 2021. 

The Central Bank said the move was aimed at encouraging market-driven foreign exchange activities in the domestic forex market.

The new operating instructions are applicable on converted inward workers’ remittances, converted services sector export proceeds/receipts and the residual value of mandatorily converted export proceeds of goods.

source daily mirror

Sri Lanka Central Bank


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