Sri Lanka, June 12 -- The Central Bank of Sri Lanka (CBSL) has introduced revised rules on the repatriation and mandatory conversion of export proceeds. The updated regulatory framework stipulates that the repatriation and mandatory conversion of the export proceeds need to be done within 30 days. Prior to this, exporters were given a 90 day period.
Under Rule 4, direct exports must convert any remaining foreign currency earnings into Sri Lankan Rupees on or before the 10th day of the following month. However, exporters are allowed to first use their earnings for specified authorised payments, including export-related current transactions, short-term operational expenses and repayment of approved foreign currency loans. The framework also ...