Dollar surrender rule on banks increased to 25%

The Central Bank of Sri Lanka (CBSL) today amended the operating instructions to licensed commercial banks where they were directed to sell 25 percent of the dollars sold to them by customers to the CBSL on a weekly basis.

The new rule comes into force with immediate effect.

Following the fresh directive from the CBSL Governor Ajith Nvard Cabraal, commercial banks will now have to surrender 15 percent more to the CBSL.

The rule applies to worker remittances, exporter proceeds and foreign currency held in hand by general public which was converted to rupees until December 31.