CBSL withdraws service export proceeds mandatory requirement

The Central Bank of Sri Lanka (CBSL) today withdrew the mandatory requirement to convert service export receipts/proceeds, that are received in Sri Lanka on or after 12 August 2022.

The decision was made in view of encouraging service exporters to repatriate their export proceeds into the country.

In a statement to the media, the CBSL said service exporters may use their export proceeds so repatriated to Sri Lanka for the permitted purposes.

The mandatory requirement to receive proceeds of service exports to the country within 180 days from the date of provision of services remains unchanged.