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CBSL empowers banks to finance fuel purchase bills

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The Monetary Board of the Central Bank of Sri Lanka has decided to distribute the financing of essential import bills for fuel purchases among the licensed banks in proportion to their foreign exchange inflows.

In consideration of the current and expected macroeconomic developments, the Monetary Board of the Central Bank of Sri Lanka, at its meeting held on January 19,2022, decided to adopt several policy measures with the view to strengthening macroeconomic stability, the Central Bank in a press release said.

The Monetary Board also decided to increase the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) of the Central Bank by 50 basis points each, to 5.50 per cent and 6.50 per cent, respectively.

Also the CB decided to mandate all registered tourist establishments to accept foreign exchange only in respect of services rendered to persons resident outside Sri Lanka.

It also decided to extend the payment of an additional Rs. 8.00 per US dollar for workers’ remittances paid in addition to the incentive of Rs.2.00 per US dollar offered under the “Incentive Scheme on Inward Workers’ Remittances” until April 30, 2022, reimburse the transaction cost borne by Sri Lankan migrant workers through the payment of Rs. 1,000 per transaction, when remitting money to rupee accounts via licensed banks and other formal channels from February 1,2022 and introduce higher interest rates for both foreign currency and rupee denominated deposits of migrant workers.

Friday, January 21, 2022 – 01:10

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