Lankan expats NOT subjected to conversion rule: Cabraal

As confusions mount on the conversions of the dollar earnings of Sri Lankan migrant workers, the Central Bank reiterated today that expats are not subjected to rule on conversion.

“Remittances by Sri Lankan expats are NOT subject to rule on conversion of export proceeds, as those are not considered ‘services exports’. 

“Hence, those can't and won't be converted into LKR without the consent of the recipient,” CBSL Governor Ajith Nivard Cabraal tweeted today.

Customers took to social media on several banks sharing an alert requesting for authorisation to convert balance in foreign current accounts to Sri Lankan rupee as stated in Gazette No. 2251/42 dated 28 October 2021.

Earlier this week the Governor stressed that no instructions have been given to banks to force customers to convert balances in their foreign currency accounts.