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Last Updated : 2024-05-19 23:42:00
26 February 2023 11:09 pm - 1 - {{hitsCtrl.values.hits}}
The Monetary Board of the Central Bank has decided to reduce mandatory sale of export proceeds/receipts and inward workers’ remittances of commercial banks with effect from February 27, 2023.
Accordingly, commercial banks will now have to sell only 15 percent of such proceeds/receipts weekly to the Central Bank, down from 25 percent, which was in effect from December, 2021.
The Central Bank said the move was aimed at encouraging market-driven foreign exchange activities in the domestic forex market.
The new operating instructions are applicable on converted inward workers’ remittances, converted services sector export proceeds/receipts and the residual value of mandatorily converted export proceeds of goods.
Winston Monday, 27 February 2023 12:03 PM
Signs we are on the right path. Pitty it could not come earlier though.
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