Sri Lanka offers incentive for remittances as it struggles to contain severe foreign exchange crisis
The Hindu
Sri Lanka is facing a severe foreign exchange crisis, which prompted the government to curtail imports
Sri Lanka’s central bank has offered an incentive to overseas workers who remit money through formal channels as part of its efforts to address the unprecedented foreign exchange crisis faced by the island nation.
The Central Bank of Sri Lanka (CBSL) said it has “decided to pay an incentive of ₹8 per U.S. dollar for workers’ remittances, in addition to the existing incentive of ₹2 under the ‘Incentive Scheme on Inward Workers’ Remittances’”.
The incentive will be paid when the funds are remitted through Licensed Banks and other internationally accepted formal channels and converted into Sri Lankan rupees during the period from Dec. 1 to Dec. 31, the apex bank said in a statement on December 1.
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