The Central Bank of Sri Lanka has announced a significant relaxation of the deadline for commodity exporters to convert their export earnings into Sri Lankan Rupees. This decision comes as a response to the evolving macroeconomic conditions and local foreign exchange market developments.
Under the new regulations outlined in “Rules for Bringing Export Earnings to Sri Lanka No. 01 of 2024,” published in the Extraordinary Gazette No. 2391/02 on July 1, 2024, and approved by Parliament on September 4, 2024, exporters now have more flexibility. The previous deadline required conversion of export proceeds within seven days of receipt, but this has been extended.
The new rule stipulates that exporters must convert their earnings into Sri Lankan Rupees by the tenth day of the month following a three-month period from the receipt date. This extension provides exporters additional time to manage their funds more effectively.
The Central Bank of Sri Lanka’s decision aims to ease the financial pressures on exporters and improve their operational flexibility amid current economic conditions. Exporters can access the full details of these new rules on the Department of Foreign Exchange’s website at www.dfe.lk.
