Need to convert services exports withdrawn

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Central Bank of Sri Lanka (CBSL) in a statement issued yesterday said that with retrospective effect from Friday (12 August), the mandatory requirement to convert services export receipts/proceeds is withdrawn. However, the mandatory requirement to receive service exports proceeds to the country within 180 days from the date of provision of services remains unchanged, it said.

According to the information reported by banks, during the first six months of year, a total of USD 1,533 million was received as service exports receipts, of which D406 million was converted to Sri Lankan rupees, said CBSL.  During discussions with services exporter representatives, they have highlighted the potential to further enhance export receipts, it added.