June 13, 2024

CBSL Relaxes the Mandatory Conversion Requirement on Service Export Proceeds

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With the view to encouraging service exporters to repatriate their export proceeds into the country, the Central Bank of Sri Lanka (CBSL) has withdrawn the mandatory requirement to convert service export receipts/proceeds within 30 days, that are received in Sri Lanka on or after 12th of August 2022.

“The service exporters may use their export proceeds so repatriated to Sri Lanka for the permitted purposes. The mandatory requirement to receive proceeds of service exports to the country within 180 days from the date of provision of services remains unchanged,” the CBSL announced.

According to the information reported by banks, during the first six months of 2022, a total of $ 1,533 million has been received as service exports receipts, of which $ 406 million has been converted to Sri Lankan Rupees. The highest monthly service export proceeds of $ 324 million were received in March this year.

During discussions with representatives of service exporters, they have highlighted the potential to further enhance export receipts. 

“All exporters are encouraged to bring in all export proceeds to the country at this time of need while taking note of the mandatory requirement to receive such proceeds within 180 days. The Central Bank has intensified its monitoring on compliance with the relevant requirements with respect to exporters and Authorised Dealers,” CBSL stressed.

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