New Foreign Remittances Facilitation Department set up at the Central Bank

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With workers remittances being a key pillar of Sri Lanka's foreign currency earnings, the Central Bank has set up a new Foreign Remittances Facilitation Department to help the smooth flow of these remittances.

“Workers' remittances have covered around 80 per cent 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 bank said in media release on Wednesday.

The new department set up with effect from November 3 is aimed at facilitating and streamlining workers' remittances inflows to the country.

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