CBSL reduces mandatory forex conversion percentage

Tuesday, 28 February 2023 00:20 - - {{hitsCtrl.values.hits}}

The Central Bank has reduced the weekly mandatory forex sales requirement of banks from 25% to 15% with effect from yesterday.

It said that move was to encourage market driven foreign exchange (FX) activities in the domestic market.

The mandatory percentage was on converted inward workers’ remittances, converted service sector related exports proceeds/receipts and the residual value of mandatorily converted export proceeds of goods.

Wealth Trust Securities said the middle rate for USD/LKR spot contracts yesterday appreciated marginally to Rs. 362.4983 against its previous days of Rs. 362.668 while tom and spot contracts were traded within the range of Rs. 361.50 to Rs. 362.50.

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