CB announces ‘festival offer’ for migrant workers

• Offers additional Rs.8 for every dollar on top of existing Rs.2 incentive 

In a move to encourage the influx of foreign workers’ remittances, the Central Bank of Sri yesterday announced what it called an “exclusive offer” for migrant workers for the December festival season.

The Central Bank said the migrant workers would be able to fetch an additional Rs.8 on top of the existing incentive of Rs.2 under the ‘Incentive Scheme on Inward Workers’ for every US dollar they convert into rupees this month.

The offer is for US dollar conversions done via the Sri Lankan banking system and other formal channels.  

The Central Bank said several measures are being taken by the law enforcement authorities to curtail informal fund transfer channels, which would, in turn, further encourage migrant workers to use formal channels to remit their hard-earned foreign exchange to the benefit of their dependents.