CB extends deadline for exporters to convert foreign earnings
September 08, Colombo (LNW): The Central Bank of Sri Lanka (CBSL) has eased the timeframe for exporters to convert their foreign earnings into Sri Lankan Rupees, providing additional flexibility for businesses.
This change comes under the newly issued “Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024,” which was formally approved by Parliament on 4th September 2024 and published in the latest Gazette Extraordinary No. 2391/02.
Under the previous regulations, exporters were mandated to convert their export earnings by the seventh day of the month following the receipt of proceeds.
However, the revised rules now extend this deadline to the tenth day of the month, but after a period of three calendar months from the date of receiving the export funds.
This change is intended to offer exporters more time and flexibility in managing their financial transactions while aligning with foreign currency inflows.
The CBSL has highlighted that the new rules aim to better accommodate the needs of exporters, particularly in light of evolving global market conditions and the operational challenges they face.
The amendment reflects ongoing efforts to support the export sector, which is critical to Sri Lanka’s economic stability.
Exporters can access the full set of updated guidelines through the CBSL’s Department of Foreign Exchange website at www.dfe.lk.
