The central bank said late on Wednesday, December 1, it would give 10 rupees extra for every dollar remitted by the country’s estimated 1 million migrant population.
“[The bank] urges all migrant Sri Lankans to use only legal channels to repatriate their earnings,” tweeted Central Bank Governor Ajith Nivard Cabraal. Remittances are Sri Lanka’s second largest source of foreign exchange behind merchandise exports. Inflows hit $7.1 billion in 2020, bucking expectations of a pandemic contraction.
The central bank has also rolled out plans to securitize about $700 million in remittance flows to help finance about $4.5 billion in debt repayments next year, which include a $500-million international sovereign bond maturing in January.
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