Category: Forex
Sri Lanka expects USD 2bn SWAP facilities from Middle Eastern & other regional central banks
The Central Bank says that the measures being taken at present will ensure that by end of 2021 official reserves will remain above US dollars 3 billion. Releasing a statement, the bank said that major foreign exchange inflows to the Central Bank include SWAP facilities with Middle Eastern and other regional central banks amounting to […]
Joint Chambers express concern on impact of currency shortage; request to engage with IMF
Statement issued by the following Institutions: We wish to draw the attention of the Government to the difficulties faced by our member companies and the broader private sector in obtaining foreign currency to finance much needed imports due to the prevailing situation with regard to the lack of availability of foreign currency. This will affect […]
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 […]
Sri Lanka to introduce incentive package for migrant workers with various benefits
Sri Lanka to introduce an incentive package for migrant workers, which includes pension/superannuation benefits, accident/life insurance benefits, banking facilities including low-interest loans for housing and/or self-employment on return to Sri Lanka, and enhanced duty-free concessions. The Central Bank said they are currently working in collaboration in this regard, with the Ministry of Labour, State Ministry […]
New rules to convert export proceeds have no impact on Sri Lankans working abroad: CBSL
Sri Lanka’s Central Bank emphasizes that inward remittances by Sri Lankan expatriates, which are not considered as services exports, will not be subjected to new export proceeds conversion rules. Under the new rules issued on 28 October 2021, the minimum mandatory conversion rate of 25 percent has been relaxed, and instead, exporters have been provided […]
Sri Lanka’s reserves down to USD 2.3bn in October; YTD rupee depreciation 8-pct
Sri Lanka’s official reserves were 2.3 billion US dollars (USD 2,267.5mn) by the end of October, down from 2.6 billion US dollars in September, the latest Central Bank data showed. By the end of October, the foreign currency reserves were 1,686.1 million dollars while the reserve position in the IMF was 67.7 million dollars. Special […]
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 […]