Mandatory sale of foreign cash to Central Bank

News

Sri Lankan banks have been directed to sell 25 per cent of inward workers remittances in US dollars to the Central Bank (CB) on a weekly basis with effect from December 27, the CB said tonight (Monday).

The same rule applies to the sale of 25 per cent of the residual of export proceeds which is mandatory to covert to Sri Lankan rupees, and foreign currency held by the public.

Monday’s move comes in the wake of the government struggling to boost sagging foreign reserves while the public is awaiting to see whether the CB will fulfil its promise of increasing foreign reserves to US$3 billion by Friday, December 31.

Foreign reserves as at November 2021 was $1.5 billion.

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