Govt. to relax rules on repatriation of export earnings

• Cabinet nod to submit new regulations for Parliament approval

The Government has decided to relax the current rules governing the repatriation of export earnings, responding to requests from exporters, their representatives, and various Government agencies. 

The move aims to address the concerns raised by stakeholders over the stringent regulations currently in place under ‘Rules for Repatriation of Export Earnings No. 01 of 2022.’

The proposed amendments will be enacted under the authority of the Sri Lanka Central Bank Act No. 16 of 2023. The updated rules, designated as ‘Rules 01 of 2024,’ were published in the Extraordinary Gazette No. 2391/02 on 1 July 2024. 

The Cabinet’s approval paves the way for these new regulations to be submitted to Parliament for final approval.

These changes are expected to provide greater flexibility for exporters, enabling them to better manage their earnings in light of current economic challenges.

The proposal to this effect presented by the President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers on Monday.