The Government has announced plans to ease the current regulations on the repatriation of export earnings in response to feedback from exporters and government agencies. The existing rules, outlined under ‘Rules for Repatriation of Export Earnings No. 01 of 2022,’ will be amended to provide greater flexibility for managing export earnings.
The proposed changes, set to be enacted under the Sri Lanka Central Bank Act No. 16 of 2023, are detailed in the updated ‘Rules 01 of 2024,’ published in Extraordinary Gazette No. 2391/02 on 1 July 2024. The Cabinet has approved these amendments, allowing them to be submitted to Parliament for final approval.
This adjustment aims to address concerns over stringent regulations and offer exporters more leeway amid ongoing economic challenges. The proposal, presented by President Ranil Wickremesinghe as Finance, Economic Stabilisation, and National Policies Minister, received Cabinet endorsement on Monday.