Central Financial institution relaxes essential conversion requirement on service export proceeds

With the view of encouraging service exporters to repatriate their export proceeds into the nation, the Central Financial institution of Sri Lanka has withdrawn the required requirement to remodel service export receipts/proceeds, which can be acquired in Sri Lanka on or after 12 August 2022.

The service exporters might use their export proceeds so repatriated to Sri Lanka for the permitted options. The required requirement to accumulate proceeds of service exports to the nation inside 180 days from the date of provision of firms stays unchanged.

Based mostly totally on the data reported by banks, by the use of the first six months of yr 2022, a whole of USD 1,533 mn has been acquired as service exports receipts, of which USD 406 mn has been reworked to Sri Lankan Rupees. The right month-to-month service export proceeds of USD 324 mn have been acquired in March 2022. All by discussions with representatives of service exporters, they’ve highlighted the potential to additional improve export receipts.

All exporters are impressed to usher in all export proceeds to the nation in the meanwhile of want, whereas paying attention to the required requirement to accumulate such proceeds inside 180 days. The Central Financial institution has intensified its monitoring on compliance with the related necessities with respect to exporters and Authorised Sellers.