More dlrs with easing rules on export proceeds
The Central Bank (CB) after realising the difficulty in monitoring the converted services export proceeds relaxed the directive saying that the decision was taken to encourage service exporters to repatriate their export proceeds into the country. “The service exporters may use their export proceeds repatriated to Sri Lanka for the permitted purposes,” the CB said.
However, the mandatory requirement to receive proceeds of service exports to the country within 180 days from the date of provision of services remains unchanged.
Economists said that unlike in export goods, the services are difficult to monitor like the tech sector, tourist destination management companies, etc.
“This relaxation will assist bringing a higher amount of dollars into the country,” a banker told the Business Times. An industry official said that there was a lot of contention about the legality of this directive. It was necessary at the time and came in as an emergency rule, he added.
Amid the forex crunch, the CB last year imposed many laws getting exporters to convert dollars by force, and also imposed outward exchange controls.
As at June, a total US$ 1,533 million was received as service export receipts, of which $406 million was converted to Sri Lankan rupees.
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