The Central Bank has issued a new Extraordinary Gazette introducing further amendments to regulations governing the repatriation and conversion of export proceeds into Sri Lanka.

The revised rules, signed by the Central Bank Governor, will come into force once parliamentary approval is granted.

Under the new framework, exporters receiving foreign exchange earnings are required to convert any remaining export proceeds into Sri Lankan rupees after making permitted payments.

This conversion must be completed on or before the 10th day of the following month.

The gazette specifies that authorised foreign currency outflows include current expenses related to export operations, repayment of approved foreign currency loans, dividend payments to non-resident investors, and salaries for expatriate employees.

Other permitted uses include business travel expenses, investments of up to 10% of export proceeds in government-issued foreign currency debt securities, and payments to indirect exporters with approved foreign currency obligations.

The Central Bank also confirmed that indirect exporters of goods and services are subject to the same requirements.

They must similarly convert remaining foreign currency earnings into Sri Lankan rupees by the 10th day of the following month after settling eligible business expenses.