The Central Bank of Sri Lanka (CBSL) has announced a significant relaxation in the rules governing the conversion of export proceeds into Sri Lanka Rupees.
This move comes in response to recent macro-economic developments and changes in the domestic foreign exchange market.
Accordingly, the Central Bank has 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.
These Rules were approved in Parliament on 04.09.2024 and came into effect on the same date. By these Rules, the period applicable for exporters of goods for mandatory conversion of residual of their export proceeds into Sri Lanka Rupees has been extended up to the tenth (10th) day of the month after expiration of three (03) calendar months (including the month of receipt) from the date of receipt of export proceeds/supplier receipts, as against the period of seventh (07th) day of the following month, which had been stipulated in the previous Rules.
2391-02_E