CBSL establishes new department for foreign remittance facilitation

COLOMBO (News 1st); The Central Bank of Sri Lanka (CBSL) has established a new department named "Foreign Remittances Facilitation Department" (FRFD) to facilitate and streamline workers' remittances inflows to the country. Accordingly, the relevant department will be in effect from yesterday (03), under the provisions of the Monetary Law Act No. 58 of 1949. The CBSL has arrived at the decision in consideration of workers' remittances, which have been a key pillar of Sri Lanka's foreign currency earnings that has nearly 100% of domestic value addition, providing a substantial cushion for external sector resilience of the country. Moreover, the CBSL states that workers' remittances have covered around 80% of the annual trade deficit over the past two decades, and strengthening remittances inflows to the country brings several socio-economic benefits including the smooth supply of forex inflows to the formal banking system and the reduction of income and regional disparities. The contact details of FRFD are as follows: Address : Foreign Remittances Facilitation Department, No. 30, Janadhipathi Mawatha, Colombo 01 Telephone : +94 11 247 7101 and +94 11 2 477 000 Fax : +94 11 247 7710 E-mail : [email protected]