CBSL Exchange rates for today (08)

by Amani Nilar 08-03-2022 | 2:53 PM

COLOMBO (News 1st); Sri Lanka's Central Bank of Sri Lanka positioned the Rupee to Rs. 230/- against the US Dollar with effect from Monday (7), to allow flexibility in the exchange rate.

Meanwhile, the CBSL Exchange rates are as follows;

United States Dollar

Buying - Rs. 225.20

Selling - Rs. 229.99

Sterling pound

Buying - Rs. 294.06

Selling - Rs. 302.92

Euro

Buying - Rs. 244.48

Selling - Rs. 254.37

Yen

Buying - Rs. 1.94

Selling - Rs. 2.008

The Central Bank of Sri Lanka maintained the Sri Lanka Rupee against the US dollar at 202 rupees until yesterday, the Rupee traded between 240 to 250 Rupees amidst the current foreign exchange deficit in the market.

Against this backdrop the inflow of foreign currency generated by foreign workers and exports through banks and accepted methods were limited.

Most expat workers resorted to foreign exchange trading methods such as Hawala and Undial, which are not yet legalized in Sri Lanka, where a high return can be gained for the dollar.

To control this situation, the Central Bank provided an additional allowance of 10 rupees per dollar for remittances sent to Sri Lanka, but the dollar did not flow as expected.

Accordingly, the Cabinet had approved yesterday to increase the remittance allowance of 10 rupees per dollar sent by foreign workers to 38 rupees.

In addition, the Cabinet approved the provision of an additional incentive of Rs. 30 per dollar earned by exporters to encourage exports.