The Central Bank of Sri Lanka (CBSL) has issued a circular on amendments to the Operating Instructions on “Incentive Scheme on Inward Worker Remittances” and “Repatriation of Export Proceeds into Sri Lanka”.

As per the circular, the CBSL has instructed commercial banks to sell twice the amount of US$ to the Central Bank reducing the amount of forex available to finance essential imports and increasing the money printing.

The CBSL has increased the foreign exchange rate sold on a weekly basis to the bank from 25% to 50%.

Source – News Wire