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To attract more workers’ remittances and improve foreign liquidity, the Monetary Board of the Central Bank of Sri Lanka (CBSL) decided to pay an incentive of LKR 8 per every US Dollar converted to Sri Lankan rupees for workers remittance. 

The move was announced through a press release on December 1st, 2021. The LKR 8 incentive comes in addition to the current incentive of LKR 2 under the Incentive Scheme on Inward Workers’ Remittance. 

Therefore, for every US Dollar converted to Sri Lankan Rupees from the 1st – 31st December 2021 via licensed banks (LB’s) and other internationally accepted formal channels, a total remittance of LKR 10 will be provided. 

To further encourage remittance through official channels, the Central Bank and other local authorities are taking steps to restrict informal fund transfers.