Lanka News Line
Will the new incentive for foreign remittance work?

Will the new incentive for foreign remittance work?

The Central Bank of Sri Lanka which is desperate for foreign exchange has introduced an incentive of Rs. 1000 will be granted as reimbursement of the transaction cost. The incentive will be made to those who remit in foreign currencies an equivalent to Rs. 20,000 or more in a single transaction. The Central Bank has done many things to increase foreign exchange remittance from migrant workers but still, the unofficial until channels are pretty active.      Mobile application Lanka Remit was introduced to make it easier for expatriate workers to send money home Police arrested a few suspects who were carrying out undiyal transactions but it was not much of a deterrent and informal schemes seem to be continuing mainly because of the higher rate.

Sri Lanka has recorded an income of US $ 355.4 million through workers’ remittances in the month of October 2022, as per the Central Bank of Sri Lanka

This value is much lower than the remittances figures recorded in the same period in 2021, where a sum of US $ 4894.4 million was recorded from January to October.

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