COLOMBO (New 1st); The Central Bank of Sri Lanka (CBSL) has created a new department called the Foreign Remittances Facilitation Department (FRFD) to facilitate and streamline workers’ remittances to the country.
Consequently, the department concerned will be in force from yesterday (03), under the provisions of the Monetary Law Act No. 58 of 1949.
The CBSL arrived at the decision taking into account workers’ remittances, which have been a key pillar of Sri Lanka’s foreign exchange income which accounts for nearly 100% of national added value, providing a substantial cushion for the resilience of the country. external sector of the country.
Additionally, the CBSL reports that workers’ remittances have covered around 80% of the annual trade deficit over the past two decades, and strengthening remittances to the country brings several socio-economic benefits, including sourcing. regular currency from the formal banking system. and reduction in income and regional disparities.
The contact details of FRFD are as follows:
Address: Department of Facilitation of Foreign Remittances, No.30, Janadhipathi Mawatha, Colombo 01
Telephone: +94 11 247 7101 and +94 11 2 477 000
Fax: +94 11 247 7710
E-mail : [email protected]