CB extends additional Rs. 10 incentive scheme till January 31

The Central Bank last week decided to extend the worker remittance incentive scheme, which offered an additional Rs.10.00 for each dollar converted, through January 2021 from an earlier end date set at December 31, 2021.

 

Among several measures taken during the last few months to encourage migrants to use official banking channels when repatriate their earnings to Sri Lanka, the Central Bank in the first week of December announced to offer a further Rs.8.00 on top of an already paid Rs.2.00 for such moneys sent via banking channels and/or exchange houses, making the total incentive Rs.10.00.

 

“The Central Bank of Sri Lanka, having considered the requests made by Sri Lankans working abroad, has decided to continue the payment of additional Rs.8.00 per US dollar for worker remittances, paid in addition to the incentive of Rs.2.00 per US dollar under ‘Incentive Scheme on Inward Workers’ Remittances’, for such workers’ remittances channelled through licenced banks and other formal channels and converted into Sri Lankan rupees, until 31.01.2022,” a Central Bank statement said.

 

In addition to the Rs.10.00 incentive, the Central Bank has also decided to bear the transaction cost incurred by the Sri Lankans working abroad up to a defined limit when remitting their money through exchange houses and/or banks.