CB suspends mandatory early conversion of forex earnings

Monday, 22 March 2021 03:47 - - {{hitsCtrl.values.hits}}

The Central Bank last week suspended the directive to banks and exporters requiring early conversion of export proceeds as well as inward worker remittances.

Originally on 18 February, the Central Bank directed commercial banks to sell 50% of the export proceeds in various currencies purchased from exporters of goods. Central Bank said it was suspending this directive “considering the prevailing market conditions”.

The same reason was cited to suspend the other directive issued on 27 January requiring banks to sell to the Central Bank 10% of the inward worker remittances converted to rupees, in dollars.

Last week the daily USD/LKR closing rate on the more active one-week forward contracts depreciated to a low of Rs. 201.50/203.00 against its previous weeks closing level of Rs. 197.25/197.75, before bouncing back to close the week at Rs. 198.00/199.00, according to Wealth Trust Securities.

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