COLOMBO :Sri Lanka's top central bank official on Saturday said remittances have declined over the past six months, prompting authorities to examine if the sudden drop in foreign cash inflow was linked to the use of any illegal channels for transactions.
Cabraal was referring to informal channels commonly knows as Hawala systems that work outside the normal banking network for international and domestic money transfers. Sri Lanka's foreign currency reserves dropped to US$2.3 billion at the end of October, with the coronavirus pandemic hitting both tourism and remittances. The country needs about US$4.5 billion to service its sovereign bonds in 2022, according to Finance Ministry data.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.