Central Bank to pay an incentives for worker remittances

The Monetary Board of the Central Bank of Sri Lanka (CBSL) has decided to pay an incentive of Rs. 8.00 per US dollar for workers’ remittances, in addition to the existing incentive of Rs.2.00 under the “Incentive Scheme on Inward Workers’ Remittances”.

The incentive will be paid when such funds are remitted through Licensed Banks (LBs) and other internationally accepted formal channels and converted into Sri Lankan rupees during the period from 01.12.2021 to 31.12.2021.

Accordingly, the total incentive for inward workers’ remittances converted into Sri Lankan rupees during the month of December 2021 will be Rs. 10.00 per US dollar.

The additional incentive provided by the CBSL is expected to attract more workers’ remittances to the country through the formal banking channels, thereby improving the foreign currency liquidity in the domestic foreign exchange market.

At the same time, several measures are being taken by the CBSL and 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 dependants. (Colombo Gazette)