Central Bank Tightens Export Proceeds Rules with Mandatory Monthly Rupee Conversions
The Central Bank of Sri Lanka (CBSL) has introduced updated regulations governing the repatriation and utilisation of export proceeds, signalling a firmer stance on foreign exchange management as the country continues its economic recovery.
New Directive Signed by Governor Weerasinghe
The updated rules were formally signed off by CBSL Governor Nandalal Weerasinghe, acting in his capacity as Chairperson of the Governing Board. The directive establishes strict timelines that exporters must adhere to when bringing foreign earnings back into the country and converting them into Sri Lankan rupees.
Monthly Conversion Now Mandatory
Under the newly issued guidelines, exporters are now required to convert their foreign currency earnings into rupees on a monthly basis. This marks a significant tightening of existing rules and is intended to ensure a more consistent and predictable flow of foreign currency into the domestic financial system.
Strengthening Foreign Exchange Inflows
The move is widely seen as part of the central bank's broader effort to stabilise and strengthen Sri Lanka's foreign exchange reserves, which were severely depleted during the country's unprecedented economic crisis of 2022. By mandating regular conversions, authorities aim to reduce the risk of export earnings being held offshore for extended periods.
- Exporters must repatriate proceeds within stipulated timeframes
- Monthly rupee conversion is now a formal requirement
- The directive has been issued under the authority of the CBSL Governing Board
The new regulations reflect the central bank's commitment to maintaining monetary discipline and ensuring that export-generated foreign exchange benefits the broader Sri Lankan economy in a timely manner.
The CBSL has urged all exporters and relevant financial institutions to familiarise themselves with the updated requirements and ensure full compliance within the prescribed periods. Further guidance is expected to be issued through licensed commercial banks operating in the country.
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so small exporters also have to follow same rules as big companies? not fair no
good move actually, exporters been hoarding dollars for too long
hoarding or just protecting themselves from rupee drop? think before you comment