![[Sri Lanka] Central Bank rescinds worker remittance incentive scheme](http://globalpayrollassociation.com/cdn/shop/articles/bigstock-Hand-Holding-Sri-Lankan---R-340577914_1200x.jpg?v=1647881829)
The Central Bank of Sri Lanka has rescinded the additional incentive scheme for expatriate workers’ remittances and exporters, News 1st reports.
According to a statement from the Central Bank, as a result of its decision to allow flexibility in the exchange rate, the exchange rate has now reached a level that seemingly surpasses the level of incentives that was originally intended to stimulate expatriate workers’ remittances and conversion of export earnings.
As a result, the current exchange rate provides a higher return on the foreign exchange remittances of expatriate workers and a higher rupee value on the net earnings of exporters.
In view of these recent developments, the Sri Lankan Government has decided not to implement the proposed scheme for additional incentives for remittances by expatriate workers and net earnings of exporters.
The latest official data shows that, with the notable upward adjustment in the exchange rate, the conversion of foreign exchange earnings through formal channels by expatriate workers and exporters have already had a marked increase during March 2022.
Source: News 1st
The Central Bank of Sri Lanka has rescinded the additional incentive scheme for expatriate workers’ remittances and exporters, News 1st reports.
According to a statement from the Central Bank, as a result of its decision to allow flexibility in the exchange rate, the exchange rate has now reached a level that seemingly surpasses the level of incentives that was originally intended to stimulate expatriate workers’ remittances and conversion of export earnings.
As a result, the current exchange rate provides a higher return on the foreign exchange remittances of expatriate workers and a higher rupee value on the net earnings of exporters.
In view of these recent developments, the Sri Lankan Government has decided not to implement the proposed scheme for additional incentives for remittances by expatriate workers and net earnings of exporters.
The latest official data shows that, with the notable upward adjustment in the exchange rate, the conversion of foreign exchange earnings through formal channels by expatriate workers and exporters have already had a marked increase during March 2022.
Source: News 1st