Banks asked to sell 25% of their dollars to CB
It has been made mandatory for banks to sell 25 percent of dollars they receive from customers to the Central Bank. Currently, banks are required to sell only 10 perent of dollars.
The Central Bank directive has been effective from yesterday (27).Exporters were previously ordered to sell all dollars received after deducting dollars for inputs and debt repayments.
The Central Bank is also offering an extra 10 rupees above the 200 rupees to the US dollar converted by expatriate workers.
