CB directs banks not to unduly delay crediting export proceeds

The Central Bank (CB) has directed all commercial banks not to unduly delay crediting export proceeds to relevant accounts of exporters.

In its latest opting instructions, the CB told CEOs of banks that it had been observed that banks defer crediting of export proceeds to the exporters’ foreign currency accounts until such exporters furnish relevant documents to the banks. This practice has been causing material losses to exporters.

Therefore, the CB has directed banks to credit the export proceeds to exporters’ foreign currency account/s immediately after receiving such proceeds. 

“Upon crediting such export proceeds to the respective foreign currency accounts, Licenced Banks are also required to take measures to stop the withdrawal and/or conversion of such export proceeds from the respective foreign currency accounts until the necessary documents and/or information are furnished by the exporter/s to the bank,” the CB said.  

Sri Lanka’s exports in the first five months of 2021 amounted to $ 4.69 billion, up by 33.3% from the corresponding period of last year.