Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal says remittances by Sri Lankan expatriates are not subject to the rule on conversion of export proceeds, as expatriate remittances are not considered services exports.
Taking to Twitter the Central Bank Governor explained that expatriate remittances cannot and will not be converted into LKR without the recipient’s consent.
Cabraal said residual earnings have to be converted into LKR after deducting the permitted payments when considering merchandise or services exports by resident Sri Lankans.
The deductions permitted include outward remittances in respect of current transactions, withdrawal in foreign exchange as permitted, debt servicing expenses, purchases of goods and services, and investments in Sri Lanka Development Bonds.
The deductions permitted are: outward #remittances in respect of current transactions, withdrawal in #forex as permitted, #debt servicing expenses, purchases of goods and services, and #investments in #SLDBs. @CBSL #SriLanka #facts
— Ajith Nivard Cabraal (@an_cabraal) January 7, 2022