The Cabinet of Ministers has decided to further relax the rule on repatriation of export earnings by taking into consideration the appeals made by exporters, the Government Information Department said.
The Cabinet of Ministers has agreed to forward the proposal in this regard by Finance Minister Mangala Samaraweera to Parliament to amend the Foreign Exchange Act to accommodate the relief measure for exporters.
Samaraweera, based on the recommendations of the Monetary Board of the Central Bank, had proposed to increase the number of days within which the exporters should repatriate their earnings aboard to 180 days from the current 120 days.
In October 2016, the government relaxed the repatriation rule from 90 days to 120 days.
The exporters maintain that the tight repatriation rules hurt Sri Lanka’s export competitiveness, compromises export orders and complicates
international trade transctions.