CBSL to freeze bank accounts transferring money using unlawful methods

Bank accounts of those who distribute and receive money through unlawful money transfer methods will be frozen with immediate effect, Governor of the Central Bank of Sri Lanka (CBSL) Ajith Nivard Cabraal said in a tweet today.

Accordingly, the Central Bank has urged all migrant Sri Lankans to use only legal channels to repatriate their earnings.

Earlier today, it was announced that Sri Lankan migrant workers would receive an additional Rs. 10 for each US Dollar they convert into Rupees in December this year, through the Sri Lankan Banking System and other formal channels.

The Central Bank said this is an exclusive offer for Sri Lankan migrant workers during this festive season.

A statement issued by the Central Bank noted that this incentive is paid under the “Incentive Scheme on Inward Workers’ Remittances” when such funds are remitted through licensed banks and other internationally accepted formal channels and converted into Sri Lankan rupees during the month of December this year.

The additional incentive of Rs. 8.00 per US dollar for workers’ remittances, in addition to the existing incentive of Rs.2.00, provided by the Central Bank is expected to attract more workers’ remittances to the country through the formal banking channels, thereby improving the foreign currency liquidity in the domestic foreign exchange market.

At the same time, the Central Bank and law enforcement authorities are taking several measures to curtail informal fund transfer channels, which would, in turn, further encourage migrant workers to use formal channels to remit their hard-earned foreign exchange to the benefit of their dependents, the statement read further.

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