CBSL adds merry to season with further incentives for workers’ remittances

The Central Bank of Sri Lanka (CBSL) announced today its decision to extend additional incentives for inward workers’ remittances following requests made by Sri Lankans employed abroad.

CBSL said it will continue the payment of additional Rs. 8.00 per US dollar for worker remittances, paid in addition to the incentive of Rs. 2.00 per US dollar under the ‘Incentive Scheme on Inward Workers’ Remittances’.

This incentive will be applicable for remittances that are; channeled via licensed banks and other formal channels, and converted into Sri Lanka rupees. The incentive will be offered till 31 December 2021.

“The decision to continue this additional incentive of Rs. 10.00 per US dollar is in response to the favourable developments observed in workers’ remittances so far during December 2021,” the CBSL said in a statement to the media.

Furthermore, the CBSL announced it will also bear the transaction cost incurred by Sri Lankans working abroad up to a defined limit when remitting their money to Sri Lanka through exchange houses and/or banks.

Accordingly, a large segment of Sri Lankans working abroad would now be able to remit their money to Sri Lanka without any charges, the CBSL added.

The operating instructions will be issued by the financial sector regulator in due course.