CBSL issues new rules on conversion of export proceeds

Saturday, 30 October 2021 02:30 - - {{hitsCtrl.values.hits}}

The Central Bank Monetary Board yesterday issued new rules, as published in the Gazette Extraordinary No. 2251/42 dated 28 October, in respect of repatriation of export proceeds into Sri Lanka and conversion of such export proceeds to rupees.

The latest move repeals the existing rules issued under the Monetary Law Act, No.58 of 1949. The new rules are applicable for both exporters of goods and services in Sri Lanka, CBSL said.

It said the new rules require exporters to convert, the residual (remaining balance of such export proceeds received), into rupees, on or before the seventh day of the succeeding month, upon meeting the following authorised payments:

*Outward remittances in respect of current transactions;

*Withdrawal in foreign currency notes, as permitted;

*Debt servicing expenses and repayment of foreign currency loans;

*Purchases of goods and obtaining services including one-month commitments; and

*Payments in respect of making investments in Sri Lanka Development Bonds in foreign currency up to 10% of the export proceeds, so received.

“Accordingly, with the issuance of these rules, exporters are able to meet all the expenditure relating to the export of goods and services out of their export proceeds,” CBSL said.

It also said further information on the above can be obtained by referring to ‘Repatriation of Export Proceeds into Sri Lanka Rules No. 5 of 2021’ as published in the Gazette Extraordinary No. 2251/42 dated 28 October, accessible through www.dfe.lk

Exports poised to achieve 2021 target of $ 16 b

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.