CBSL Updates Export Proceeds Rules; Mandates Monthly Rupee Conversion

The Central Bank of Sri Lanka (CBSL) has issued updated regulations governing the repatriation and utilization of export proceeds. Signed by CBSL Governor Nandalal Weerasinghe as Chairperson of the Governing Board, the new directive introduces strict timelines for exporters to convert their residual foreign currency earnings into Sri Lanka Rupees.

The rules, officially titled the “Repatriation of Export Proceeds into Sri Lanka Rules No. 2 of 2026,” take effect upon receiving parliamentary approval. This latest directive further amends the frameworks established under the 2024 and early 2026 rules.

Strict Monthly Conversion Deadlines

Under the newly substituted Rule 4, every exporter of goods who receives foreign currency proceeds during any calendar month must mandatorily convert the residual balance into Sri Lanka Rupees. This conversion must take place on or before the tenth (10th) day of the following month.

Before converting the remaining funds, exporters are legally permitted to utilize their foreign currency proceeds exclusively for a designated list of authorized business expenses.