The Central Bank of Sri Lanka has decided to suspend the law imposed by the Central Bank that a certain amount of dollars must be converted into Sri Lankan rupees from Sri Lankans living abroad and those receiving export income from this month, The Daily News reported.
Central Bank Governor Dr. Nandalal Weerasinghe stated that there is no need to convert a mandatory part of the export earnings into Sri Lanka Rupees due to the income received from the Sri Lankans abroad.
The Governor also said that the Central Bank took this decision in consideration of the rising trend in the amount of US dollars received from the remittances sent by Sri Lankans abroad, export earnings as well as the earnings received from the tourism sector.