Sri Lanka lenders ordered to double surrenders to the central bank

Sri Lanka
By Editor_1
0

COLOMBO – Sri Lanka’s commercial banks have been ordered to double the share of remittances and mandatorily converted export proceeds surrendered to the central bank.

The share will now go up to 50% from 25% .

The rule will apply from March 21 to July 29, 2022.

Sri Lanka’s rupee has fallen from 203 to 285 after it was allowed more ‘flexibility’ in a bid to establish a float. The surrender rule comes as Indian credits are coming to finance imports.

A central bank circular directing banks to surrender more dollars said, “..Taking recent developments into consideration as well the need to further improve the foreign currency reserves of the country and to ensure the uninterrupted supply of essential imports.”

The central bank had earlier ordered exporters sell remaining export proceeds to commercial banks after allowing for expenses such as imported inputs, loan repayments and some investments in Sri Lanka Development Bonds.

Analysts have warned that the surrender rule goes against the fall and tends to worsen downward pressure on the rupee.

-economynext.com

 

Editor_1
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