LNP - Banks directed to sell 50% of worker remittances to CB every week

The Central Bank has directed all licensed banks to sell 50 percent of inward workers’ remittances to the Central Bank every week. The directive came into effect from Monday (21 March) and will be in place till 29 July 2022. Previously, licensed banks were directed to sell to the CBSL 25 percent of inward workers’ remittances in US Dollars per week. CBSL Governor Ajith Nivard Cabraal said that the forex purchases have supported the regulator to provide the forex required to finance essential imports to the country.