CBSL sets up Foreign Remittances Facilitation Department

The Central Bank (CBSL) has established a new department named the Foreign Remittances Facilitation Department (FRFD) to facilitate and streamline workers’ remittances inflows to the country, under the provisions of the Monetary Law Act No. 58 of 1949. 

CBSL said workers’ remittances had been a key pillar of Sri Lanka’s foreign currency earnings that had nearly 100% of domestic value addition, providing a substantial cushion for external sector resilience of the country.  

Workers’ remittances have covered around 80% of the annual trade deficit over the past two decades and strengthening remittances inflows to the country brings several socio-economic benefits including the smooth supply of forex inflows to the formal banking system and the reduction of income and regional disparities.