The Central Bank of Sri Lanka says that reports that remittances from foreign workers are being forcibly converted into Sri Lankan Rupees are completely false.

The Central Bank of Sri Lanka has issued a statement stating that these advertisements are being spread by parties with personal interests.

Licensed banks are expected to sell 10 percent of the remittances of migrant workers who voluntarily convert to Sri Lankan rupees to the Central Bank from May 28, 2021, with an incentive of two extra rupees per dollar paid by the government.

Requests are being made for proposals to explore the possibility of entering into a securities financing program based on this cash flow already being received by the Central Bank of Sri Lanka, and the securities financing program will have no effect on the remittances of migrant workers.

Further, there is no impediment for workers to keep their remittances freely in Sri Lankan foreign currency accounts as before or to convert to Sri Lankan Rupees.

Accordingly, the Central Bank of Sri Lanka urges the public to be vigilant regarding such false information.