Central Bank of Sri Lanka eases rules on export proceeds conversion

COLOMBO (News 1st) - In response to recent macroeconomic developments and shifts in the domestic foreign exchange market, the Central Bank of Sri Lanka has introduced new regulations to support exporters. 

The Central Bank has relaxed the regulations on converting export proceeds with the introduction of the "Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024."

The new rules extend the period for exporters to convert their foreign earnings into Sri Lankan Rupees.

This change, part of the Central Bank of Sri Lanka Act No. 16 of 2023, aims to improve foreign exchange liquidity and support economic growth.