CBSL relaxes mandatory export conversion period
The Central Bank of Sri Lanka (CBSL) has relaxed the mandatory export conversion period in the latest exports proceeds conversion rule.
As per the new rules, the mandatory export conversion period has been extended to roughly a three-month period from an earlier one-month period.
The CBSL states : Taking into consideration the macro-economic developments, in particular the developments in domestic foreign exchange market conditions, Central Bank of Sri Lanka 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, 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 Lanka Rupees.