Export Proceeds decline, says CBSL

COLOMBO (News 1st); The Central Bank states that there is a significant drop in export proceeds being brought into the country, by exporters.

CBSL said that compared to the monthly average exports as reported by Customs (goods flow) of US dollars 985 million during the eight months ending August 2021, the monthly average repatriation of export proceeds during July/August 2021 has been US dollars 640 million as reported by banks (financial flow).

Accordingly, there has been a significant gap of US dollars 345 million between these two figures.

This observation, therefore, raises the serious question as to whether exporters comply with the regulation on 100 percent repatriation of export proceeds, said the Central Bank.