Category: Money
Central Bank initiates regulatory actions against errant Money Changers
In response to several complaints that certain Authorized Money Changers are engaged in activities which are not in compliance with the Directions issued under the provisions of the Foreign Exchange Act No. 12 of 2017 (FEA), the Central Bank is conducting a series of spot examinations at the places of Authorized Money Changers. In the […]
Sri Lanka official reserves down to USD 1.6bn in November, confirms Central Bank
Sri Lanka’s official reserve assets were 1.6 billion US dollars (USD 1,587.0mn) by the end of November, down from 2.3 billion US dollars in October, the latest Central Bank data showed. By the end of November, the foreign currency reserves were 1,009.5 million dollars while the reserve position in the IMF was 67.0 million dollars. […]
Rs.10 per dollar incentive for inward workers’ remittances converted into rupees: CBSL
The Monetary Board of the Central Bank has decided to pay an incentive of Rs. 8.00 per US dollar for workers’ remittances, in addition to the existing incentive of Rs.2.00 under the “Incentive Scheme on Inward Workers’ Remittances”, when such funds are remitted through banks and other internationally accepted formal channels and converted into Sri […]
“Dark future looming as foreign reserve drop to USD 1.5Bn, lowest in history” Eran
The opposition alleged in Parliament that foreign reserves have dropped to US 1.5 billion dollars which included the gold reserves of US 300 million dollars. The Govt. did not refute the opposition claim that the available cash reserve was only USD 1.5 billion less than one month’s import payment, lowest in history. He told a […]
CBSL expects reserves to remain around USD 3.5bn by end 2021; USD 4bn on average in 2022
Sri Lanka’s Central Bank expects gross official reserves to remain at around USD 3.5 bn at the end of 2021, and around USD 4.0 bn on average in 2022. Releasing the ‘Recent Economic Developments’ report, the Central Bank said that it expects financial flows to strengthen in the period ahead with the envisaged inflows in […]
CBSL creates new department to facilitate &’ remittances
Sri Lanka’s Central Bank has established a new department named “Foreign Remittances Facilitation Department” (FRFD) to facilitate and streamline workers’ remittances inflows to the country, under the provisions of the Monetary Law Act No. 58 of 1949. Workers’ remittances have been a key pillar of Sri Lanka’s foreign currency earnings that has nearly 100 percent […]
‘s reserves down to USD 2.6bn in September; YTD rupee depreciation 8.2-pct
Sri Lanka’s official reserves were 2.6 billion US dollars (USD 2,581.3mn) by the end of September, down from 3.5 billion US dollars in August, the latest Central Bank data showed. By the end of September, the foreign currency reserves were 2,006.4 million dollars while the reserve position in the IMF was 67.4 million dollars. Special […]
Interview: Futureproofing banking sector through digital-first mindset
There is a good reason why digitalisation is a top priority for banking. When done correctly, it enables paradigm shifting improvements in customer experience and accessibility. For the average customer, it means, they are able to utilize the full range of our products and services seamlessly, through the platform of their choice. While prior to […]
Sri Lanka official reserves slightly improve to USD 3.6bn by end August
Sri Lanka’s gross official reserves were 3,550.7 million US dollars by the end of August, up from 2,805.9 million US dollars in July, the latest Central Bank data showed. This does not include the swap facility signed with the People’s Bank of China (PBoC) of RMB 10 bn (equivalent to approximately USD 1.5 bn). By […]
No new restrictions for making payments in foreign exchange on credit or debit cards: Central Bank
The public is informed that the Central Bank has not introduced any new restrictions on the use of EFTCs, i.e., credit cards, debit cards and other stored value cards, and holders of such cards are permitted to use them to make payments to persons resident outside Sri Lanka in respect of current transactions of personal […]
CBSL tightens monetary policy to curb inflationary pressures; rectify external sector imbalances
Sri Lanka’s Central Bank has tightened its monetary policy stance to address the imbalances in the external sector and to preempt the buildup of excessive inflationary pressures over the medium term. Accordingly, the Monetary Board of the Central Bank has decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate […]
Licensed Banks have not been asked to “Devalue” Sri Lanka Rupee: Central Bank
The Central Bank said it has observed messages being circulated claiming that licensed banks have been officially asked to devalue the Sri Lanka rupee with immediate effect. “The general public is hereby informed that there is no basis whatsoever for such claims, and the CBSL has not made any change to its stance or the […]