CBSL relaxes period applicable for conversion of export proceeds

The Central Bank has relaxed the period applicable for conversion of export proceeds into Sri Lankan Rupees.

The CBSL said, taking into consideration macroeconomic developments, in particular the developments in domestic foreign exchange market conditions, it has issued the “Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024” (Rules), which was published in the Gazette Extraordinary No. 2391/02 dated 01.07.2024.

The move is in terms of the Central Bank of Sri Lanka Act, No. 16 of 2023, substantially relaxing the period applicable for exporters of goods to convert their export proceeds into Sri Lankan Rupees. 

These Rules were approved in Parliament on 4 September 2024 and came into effect on the same date. 

By these Rules, the CBSL said the period applicable for exporters of goods for mandatory conversion of residual of their export proceeds into Sri Lankan Rupees has been extended up to the tenth (10th) day of the month after expiration of three calendar months (including the month of receipt) from the date of receipt of export proceeds/supplier receipts, as against the period of the seventh (7th) day of the following month, which had been stipulated in the previous Rules. 

The rules are accessible through www.dfe.lk.