New directive from CBSL to banks on foreign exchange inflows

COLOMBO (News 1st); The Central Bank of Sri Lanka has directed all licensed commercial banks to sell 50% of the foreign exchange inflows they received through workers' remittances and exports proceed residuals to the Central Bank on a weekly basis.

The Central Bank in a circular to Chief Executive Officers of all licensed banks said that the previous mandatory sale of 25% from these banks has supported the CBSL to provide foreign exchange required to finance essential imports of the country.

CBSL has issued this directive to further improve the foreign reserves of the country and to ensure the uninterrupted supply of essential imports, particularly gas, fuel, coal, and medicine.