#SriLankaDollarChallenge hashtag promoted

In response to recent political changes, the Sri Lankan diaspora has begun the ‘# Sri Lanka Dollar Challenge’ which encourages users to remit currency into the local banking sector and post proof of transaction on their social media. The hashtag has begun to trend on social media.

The move has seen many Sri Lankans currently working overseas and people of Sri Lankan descent based internationally remitting funds through official channels to the local banking sector. Banking analysts have noted that given the unusually low remittance figures the country is going to see the release of a lot of built-up dollar supply. Analysts have also reiterated calls by the Central Bank to prevent Open Account clearance of goods through Sri Lanka Customs. This alongside tighter laws on currency holding and actual enforcement should give support to the banking sector.

Facebook user Piyal Mendiz posted, “The numbers suggest that if we can restore our remittances to normal levels, we can bring in an additional $ 12 billion within the next 18 months.”

Central Bank officials indicated that there is a positive trend of increasing US dollars coming to Sri Lanka in proper banking channels. (DP)