New Order relaxing outward remittances of foreign exchange

[imhotep]

New Order issued relaxing certain limitations/suspensions imposed on outward remittances of foreign exchange.

With a view to assist and maintain the financial system stability by minimizing the pressure on the exchange rate and preserving the foreign currency reserve position of the country, the Hon. Minister of Finance has issued Orders under Section 22 of the Foreign Exchange Act, No. 12 of 2017 (FEA) since 02.04.2020, to temporarily suspend/limit certain outward remittances.

Link to the Full Central Bank Press Release.

https://www.cbsl.gov.lk/sites/defau...outward_remittances_of_foreign_exchange_e.pdf

 

[Walter White]

TFS !!!

 

[NRTG]

TFS

 

[hancok]

Me scene eka mokakda

3
Repatriation of current income or accumulated current income of the emigrants.

 

[Stimulus mind]

TFS brother

 

[Hasitha22]

 

[topkollek]

*The new Order is effective for six (06) months from 28.06.2023. *

 

[Hasitha22]

*The new Order is effective for six (06) months from 28.06.2023. *

Dollar rate nathi wela yanawa ekai

 

[imhotep]

*The new Order is effective for six (06) months from 28.06.2023. *

Obviously for the crook politicians to easily transfer the pilfered money to overseas accounts.....

 

[Night Rider]

Bump

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Obviously for the crook politicians to easily transfer the pilfered money to overseas accounts.....

Well, duh..
------ Post added on Jul 25, 2023 at 5:12 PM

 

[topkollek]

Obviously for the crook politicians to easily transfer the pilfered money to overseas accounts.....

crooks got 6 months to move money out of the country

 

[shenat]

පට්ටපල් හොරු ආණ්ඩු කරද්දි සල්ලි එවපු උන්ට දැන් සැප ඇති

 

[Hasitha22]

පට්ටපල් හොරු ආණ්ඩු කරද්දි සල්ලි එවපු උන්ට දැන් සැප ඇති

 

[warwickuni]

Obviously for the crook politicians to easily transfer the pilfered money to overseas accounts.....

No need for six months suspension to remit Black Money as they were 'hand carried' much earlier by MR, GR and the associates. Remember infamous private jet flown to Uganda? CBSL and MOF would have informed all of Black Money depositors , much earlier than the imposing restrictions. So no need to lift for six months again.
Only , honest middle income earner's foreign income remittances were affected. They could not even send money to children who are studying full time!
One other point is the changes are not significant to remittances of large amounts except for emigrants. Next issue is whether the banks have reserves of FC to honour any large outward remittances.

 

[imhotep]

No need for six months suspension to remit Black Money as they were 'hand carried' much earlier by MR, GR and the associates. Remember infamous private jet flown to Uganda? CBSL and MOF would have informed all of Black Money depositors , much earlier than the imposing restrictions. So no need to lift for six months again.
Only , honest middle income earner's foreign income remittances were affected. They could not even send money to children who are studying full time!
One other point is the changes are not significant to remittances of large amounts except for emigrants. Next issue is whether the banks have reserves of FC to honour any large outward remittances.

It will depend on the inward remittances, mainly from the Gulf.

 

[warwickuni]

It will depend on the inward remittances, mainly from the Gulf.

You are spot on. My bet is this 6 month lift is to encourage remittances through confidence building but there are equally effective lobbying by the lot who fish in trouble waters not to send money to SL, by visiting these countries and misleading them with wrong information in the guise of patriotism .
One other fact is our remittances from Gulf is now very much below 50% . Even in Gulf there are skilled workers whose financial literacy is better than an average local. This may be the reason to target S.Korean workers to stop remittances. CBSL should attract them using Banking System offering some innovative schemes, but jealousy comes first ....