Central Bank rejects speculation over remittances by Sri Lankan expatriates

COLOMBO: The Central Bank of Sri Lanka has rejected speculation that remittances sent by Sri Lankan expatriates to the country are taxed and forcibly converted into Sri Lankan Rupees, describing it as “completely unfounded”.

In a statement, the Central Bank said: “There are no taxes on remittances and expatriate Sri Lankans are free to hold such remittances in foreign currency form in their bank accounts or convert such remittances into Sri Lankan rupees at their discretion.”

“Expatriate Sri Lankans continue to enjoy the current incentives without any change whatsoever”, it added.