WORLD Sri Lanka withdraws mandatory requirement to convert service export receipts into rupees

WORLD

Sri Lanka withdraws mandatory requirement to convert service export receipts into rupees

Xinhua

07:12, August 17, 2022

COLOMBO, Aug. 16 (Xinhua) -- The central bank of Sri Lanka on Tuesday announced that it has withdrawn the mandatory requirement to convert service export receipts/proceeds into rupees.

File photo: AFP

The central bank said that the measure aimed to encourage service exporters to repatriate their export proceeds into the country.

The mandatory requirement to receive proceeds of service exports within 180 days from the date of provision of services remains unchanged, said the central bank.

The central bank said that during the first six months of 2022, Sri Lankan banks have received a total of 1.5 billion U.S. dollars as service export receipts, out of which 406 million dollars have been converted to rupees.

"All exporters are encouraged to bring in all export proceeds to the country at this time of need, while taking note of the mandatory requirement to receive such proceeds within 180 days," it said.

The central bank added it has intensified its monitoring on compliance with relevant requirements with respect to exporters and authorized dealers.

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue