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 of domestic value addition, providing a substantial cushion for the external sector resilience of the country.
Workers’ remittances have covered around 80 percent of the annual trade deficit over the past two decades, and strengthening remittances inflows to the country brings several socio-economic benefits including the smooth supply of forex inflows to the formal banking system and the reduction of income and regional disparities.
The contact details of new FRFD are as follows:
Foreign Remittances Facilitation Department
No. 30, Janadhipathi Mawatha, Colombo 01.
Telephone : +94 11 247 7101 and +94 11 2 477 000
Fax : +94 11 247 7710
E-mail : email@example.com