The Monetary Board of the Central Bank has issued new rules pertaining to the repatriation of export proceeds into Sri Lanka and conversion of such export proceeds to Sri Lanka Rupees.
Accordingly it has repealed the existing rules issued under the Monetary Law Act, No.58 of 1949.
The Central Bank said new rules are applicable for both exporters of goods and services in Sri Lanka.
Accordingly, the new rules require exporters to convert, the remaining balance of export proceeds received, into Sri Lanka Rupees, on or before the seventh day of the succeeding month.
New regulations are applicable for outward remittances in respect of current transactions, 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 and payments in respect of making investments in Sri Lanka Development Bonds in foreign currency.
Accordingly, the Central Bank said with the issuance of new rules, exporters are able to meet all the expenditure relating to export of goods and services, out of their export proceeds.