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Controller of Exchange debars trouncing of foreign Exchange By Sunil Thenabadu Sri Lankan Foreign exchange racketeers are rampant to find any loop holes in the Exchange Controller regulations to navigate over any such flaws.The related authorities of the Exchange Controller unit at Central Bank of Sri Lanka have been successful in impeding the colossal loss of foreign exchange by the acts of our Sri Lankan community scattered all over the globe. This practice of drawing foreign currency via ATM cards by Sri Lankan migrants and international students have been curbed by bringing in stringent techniques preventing the withdrawal of the respective foreign currencies of their choice. This has been made possible through the amended act no 12 0f 2017 introduced two years ago. The Controller of Exchange has instructed all commercial banks to classify all accounts maintained by migrants and international students as CTRA( Capital Transaction Rupee Account) preventing the ...

Nov 3, 2021 Posted by eLanka admin In Articles, elanka Finance, Sunil Thenabadu Tagged Capital Transaction Rupee Account, Central Bank of Sri Lanka, CTRA

Implementing a mobile application ‘SL- Remit’ to facilitate foreign remittances Source:Island The Central Bank of Sri Lanka (CBSL) had appointed a Working Committee to study and suggest new remittance channels for Sri Lanka and to make recommendations on reducing the cost of remitting money, having identified the need to introduce new and low cost remittance channels with the objective of increasing the inflows of foreign remittances while discouraging the use of informal channels. The Working Committee comprised experienced professionals from Bank of Ceylon, People’s Bank, Sampath Bank PLC, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, The Hongkong and Shanghai Banking Corporation Limited, Cargills Bank Ltd, Dialog Axiata PLC, Mobitel (Pvt) Ltd and CBSL. ...

Oct 16, 2021 Posted by eLanka admin In Articles Tagged Central Bank of Sri Lanka

Six month Roadmap to spur economic growth-by Shirajiv Sirimane Source:Dailynews ‘The Six Month Roadmap for Ensuring Macroeconomic and Financial System Stability’ presented yesterday will bring immediate solutions to some of the current burning issues, said Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal. He said that firstly the CBSL will remove the 100% Cash Deposit Margin Requirement on 600 items imposed earlier on import of non-essential goods. “We observed that this decision caused problems for many sectors and we have now reversed it. However we urge importers not to import excess stocks and import what is only necessary,” Governor said. He said plans would be in place to unwind moratoria gradually and devise long-term plans to support businesses affected by the Pandemic-related lockdown. Measures will be taken to Stop Parate Executions and the Repossession of Vehicles in the next six months for pandemic-affected borrowers. ...

Oct 9, 2021 Posted by eLanka admin In elanka Finance Tagged Ajith Nivard Cabraal, Central Bank of Sri Lanka

Sri Lanka exports surpass US $ 1 billion mark in July 2021 Source:Bizenglish Sri Lanka’s exports have surpassed the $ 1 billion mark in July after four months’ time period where the similar achievement was only recorded in March during this year. As per the figures released by the Sri Lanka Customs, Sri Lanka recorded exports worth of US$ 1,099.41 million in July 2021, the highest ever monthly achievement, which showed an increase of 1.33% over US$ 1,085 million in July 2020 and an increase of 12.39 per cent over US$ 978.2 million in July 2019. Export Development Board (EDB) Chairman Suresh D de Mel said; “Sri Lanka’s exports show a remarkable rise despite the current pandemic situation across the World, thanks to the utmost courage, determination and continuous improvements shown by our exporters in sustaining export business during the pandemic. ...

Aug 21, 2021 Posted by eLanka admin In elanka Finance Tagged Central Bank of Sri Lanka, Suresh D de Mel

SRI LANKA NEWS IN BRIEF (MAY 2018) – Compiled by Victor Melder Colombo CPI continued to ease, settling below 4%, thanks to the continued moderation in food prices, which grew at its slowest in the past two years. Food prices eased on a sequential basis as well, led by vegetables, sea fish, onions and coconut. Non-food prices on the other hand, showed mild signs of pick up after easing for six continuous months. ‘Alcohol and beverage’, health, transport and recreation index picked up both on an annual and sequential basis, while that of ‘clothing and footwear’ eased. Core inflation mirrored this mild pick-up. Recent trends of moderation in food prices along with the statistical impact of last year’s high base is expected to keep inflation within the central bank’s target range of 4-6%. We forecast inflation to average 4.3% in 2018. The Central Bank of Sri Lanka in its April ...

Jun 7, 2018 Posted by eLanka admin In Articles, Home, Victor Melder Tagged Central Bank of Sri Lanka, SRI LANKA NEWS IN BRIEF, Sri Lanka tourist arrivals Comments 0