Sri Lankan exporters are now required to convert, the residual (remaining balance of export proceeds received), into Sri Lanka Rupees, on or before the seventh (7th) day of the succeeding month, the Cenral Bank of Sri Lanka (CBSL) announced.
The authorized payments are,
- Outward remittances in respect of current
- Withdrawal in foreign currency notes, as permitted.
- Debt servicing expenses and repayment of foreign currency loans.
- Purchases of goods and obtaining services including one-month commitments.
- Payments in respect of making investments in Sri Lanka Development Bonds in foreign currency up to ten per-centum (10%) of the export proceeds, so received.
The Monetary Board of the Central Bank issued new Rules, as published in the Gazette Extraordinary No. 2251/42 dated 28 October 2021, in respect of repatriation of export proceeds into Sri Lanka and conversion of such export proceeds to Sri Lanka Rupees, repealing the existing Rules issued under the Monetary Law Act, No.58 of 1949.
The new Rules are applicable for both exporters of goods and services in Sri Lanka.