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The CBSL’s Comments on the IMF Article IV Report

The International Monetary Fund (IMF) has published its Article IV Staff Report on Sri Lanka. The Article IV process included;

Clarification Regarding the Forex Sales by Banks to the Central Bank of Sri Lanka

The Central Bank of Sri Lanka (CBSL) wishes to clarify that the recent increase of the percentage of foreign exchange sales by banks to the CBSL from 25% to 50%, effective from 21.03.2022, is exclusively applicable to banks and that will not have any impact on the prevailing requirements for the foreign exchange earnings of expatriate workers and export proceeds of exporters.

Statement from the Central Bank of Sri Lanka

The Ministry of Finance and the Central Bank of Sri Lanka wish to assure the public and all other stake holders that the banking system is stable, and that the operations of the State Banks are being carried out smoothly, contrary to statements made otherwise.

The Central Bank of Sri Lanka issues a Circulation Standard Commemorative coin to mark 150th Anniversary of Faculty of Medicine, University of Colombo

The Central Bank of Sri Lanka (CBSL) issued a circulation standard commemorative coin with a face value of Rs. 20 to mark the 150th Anniversary of Faculty of Medicine, University of Colombo in recognition of its contribution to the nation as the first medical faculty in the country. This coin was issued at the request of Faculty of Medicine, University of Colombo.

The Central Bank of Sri Lanka issues a Circulation Standard Commemorative Coin to mark 150th Anniversary of Census of Population and Housing in Sri Lanka

The Central Bank of Sri Lanka (CBSL) issued a circulation standard commemorative coin with a face value of Rs. 20 to mark the 150th Anniversary of Census of Population and Housing (CPH) in Sri Lanka, in recognition of an event that contributes to the socio-economic development of the country. This coin was issued at the request of Department of Census and Statistics (DCS) of Sri Lanka.

The first CPH in Sri Lanka was conducted in 1871 and the year 2021 marks its 150th Anniversary. The 15th CPH was originally planned to be conducted in 2021, concurrently with its anniversary. However, due to the COVID-19 pandemic 15th CPH has been postponed till 2022 - 2023.

Proposed additional incentive scheme for expatriate workers’ remittances and exporters to be rescinded

As a result of the decision of the Central Bank of Sri Lanka to allow flexibility in the exchange rate, the exchange rate seems to have now reached a level surpassing the level of incentives that was intended to stimulate expatriate workers’ remittances and conversion of export earnings. 

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