Banks directed to sell 50% of worker remittances to CB every week

23 March 2022 10:20 am - 9 - {{hitsCtrl.values.hits}}

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The Central Bank has directed all licensed banks to sell 50 percent of inward workers’ remittances to the Central Bank every week.

The directive came into effect from Monday (21 March) and will be in place till 29 July 2022.

Previously, licensed banks were directed to sell to the CBSL 25 percent of inward workers’ remittances in US Dollars per week.

CBSL Governor Ajith Nivard Cabraal said that the forex purchases have supported the regulator to provide the forex required to finance essential imports to the country.

Comments - 9

sam Wednesday, 23 March 2022 11:58 AM

Beg borrow or steal

joshua Wednesday, 23 March 2022 12:00 PM

when will this Cabraal kicked out?

Banker Wednesday, 23 March 2022 12:03 PM

This measure is hampering the economic activities of the country as other importers are prevented from importing essential food items

Afzal Yusuf Wednesday, 23 March 2022 12:08 PM

Does this mean that any overseas worker who sends his savings home to his NRFC account will not be able to save in foreign currency? If yes, SL would lose any future workers remittance to SL

Terrence Wednesday, 23 March 2022 01:10 PM

Govt can't dictate terms to the overseas workers who have earned foreign currency on how to utilize their money even NRFC holders will move their money to any place of their choice according to the contract with the Banks

duplicate Ralahami Wednesday, 23 March 2022 01:44 PM

when will these falied rulers kick out of power

Benjamin George Wednesday, 23 March 2022 01:44 PM

APE, the 1st step to restore SO Economy is to dismiss Cabraal w/o Pension. Both Payments.

Nishanth Wednesday, 23 March 2022 01:50 PM

soon government will force bank deposit holders to transfer half of the fund to treasury and helping political mafias having max fun aboard

Premalal. Perera Wednesday, 23 March 2022 01:55 PM

Here goes the clown again.

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Banks directed to sell 50% of worker remittances to CB every week

Comments - 9

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