Sri Lanka has lost about Rs. 1 billion in foreign currency over a period of three months due to Sri Lankans refusing to send remittances or sending money illegally, according to Central Bank sources.
According to Central Bank sources, Sri Lanka received less than Rs. 1 billion in foreign exchange during the three months of September, October, and November this year and received more in other months.
According to market sources, Sri Lanka receives around Rs. 210 per dollar when receiving money through banks or foreign exchange bureaus, while sending money through illegal means such as the Undial system can fetch as high as Rs. 240 or 250 per dollar.
According to market sources, the Sri Lankan dollar problem has been exacerbated by the Sri Lankan expatriate population being tempted to send money under the Undial system or by the temporary suspension of remittances to Sri Lanka due to the depreciation of the rupee against the dollar.
