Additional Rs. 38 for every US dollar sent by expats

Sri Lanka rupee vs US dollar

The Central Bank has decided to pay an additional premium of Rs.38 for every US dollar sent by expatriate workers through approved channels.

The Department of Government Information said that the Foreign Employment Sector, a major source of foreign exchange for Sri Lanka, remits approximately US $ 7-8 billion annually to Sri Lanka.

The foreign exchange earned by migrant workers should be appreciated and more economic benefits should be given to their family members and dependents to encourage the remittances into the country during the coming New Year, it added.

Accordingly, the Cabinet of Ministers has approved the proposal presented by Minister of Labour Nimal Siripala de Silva to increase the current incentive allowance of Rs.10 per dollar to Rs.38 per dollar.

The incentive will be offered till April 2022.