Migrant workers to get Rs.38 more per dollar of remittances \

In a desperate move to increase inflows of foreign exchange, the government has decided to offer more financial incentives for Sri Lankans working overseas who remit money into the country through formal channels and local exporters earning dollars.

Accordingly total financial incentive given for inward remittances of Sri Lankan workers ioverseas converted into rupees has been increased to Rs. 38 per dollar from Rs. 10 per dollar.

This decision has been taken by the monetary authority as part of its efforts to address the unprecedented foreign exchange crisis faced by the island nation, Central Bank sources said.

This additional incentive is aimed at attracting more workers’ remittances to the country through the formal banking channels, thereby improving the foreign reserves which now stands at US$ 2.26 billion, a CB official said.

The foreign employment sector, a major source of foreign exchange for Sri Lanka, remits around $ 7-8 billion annually to Sri Lanka.