𝑺𝒕𝒂𝒚 𝒖𝒑𝒅𝒂𝒕𝒆𝒅 𝒘𝒊𝒕𝒉 𝒍𝒂𝒕𝒆𝒔𝒕 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔 𝒏𝒆𝒘𝒔


CBSL issues new directive to private Banks

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