The Central Bank of Sri Lanka announced that the timeframe for exporters to convert their export earnings into Sri Lankan Rupees has been relaxed, taking into consideration the developments in the domestic foreign exchange market.
Under the new rules, exporters are now required to convert the remaining export proceeds, after utilizing them for permissible payments, into Sri Lankan Rupees by the 10th day of the month following the three-month period from the date of receipt of the export earnings.
Previously, exporters were required to convert the remaining proceeds by the 7th day of the month following the month of receipt.
This relaxation comes under the Central Bank’s new regulations titled ‘Rules for Repatriation of Export Proceeds No. 01 of 2024,’ issued under the Central Bank of Sri Lanka Act No. 16 of 2023. These regulations were published in the Extraordinary Gazette No. 2391/02, dated 2024.07.01.
The regulations were approved by Parliament on 2024.09.04 and came into effect from that date.
For more information, the regulations can be accessed through the Foreign Exchange Department’s website at http://www.dfe.lk.
