The Central Bank of Sri Lanka (CBSL) has relaxed the mandatory export conversion period in the latest exports proceeds conversion rule.

As per the new rules, the mandatory  export conversion period  has been extended to roughly a three-month period from an earlier one-month period.

The CBSL states : Taking into consideration  the macro-economic developments, in particular the developments in domestic foreign exchange market conditions, Central Bank of Sri Lanka issued the “Repatriation of Export Proceeds into Sri Lanka Rules No. 01 of 2024” (Rules), which was published in the Gazette Extraordinary No. 2391/02 dated 01.07.2024, in terms of the Central Bank of Sri Lanka Act, No. 16 of 2023, substantially relaxing the period applicable for exporters of goods to convert their export proceeds into Sri Lanka Rupees.

The complete press release is as follows :

A shipment of 3 million eggs from India is set to arrive in Sri Lanka by the end of this week, according to Asiri Walisundara, Chairman of the Sri Lanka State Trading Corporation (STC).

He stated that procurement has been completed and applications for the import have been submitted to the Department of Animal Production and Health (DAPH) for approval.

The imported eggs are expected to be sold at approximately Rs. 40 each.

Sri Lanka’s plan to set up operations of Elon Musk’s Starlink, the satellite unit of SpaceX, has been withheld till the Presidential Election is over because of some clearance pending with the Telecommunications Regulatory Commission, a top source said.

State Minister of Technology, Kanaka Herath, announced earlier that the Telecommunications Regulatory Commission granted preliminary approval for ‘Starlink’ to provide satellite-based internet services in Sri Lanka.

Besides, Parliament approved amendments to a decades-old law on Tuesday to allow Elon Musk’s Starlink to set up operations in the country.

Parliament passed the new telecommunications bill, which amended the existing law for the first time in 28 years, without a vote.

The amendments introduce three new types of licences and allow Starlink to enter Sri Lanka’s telecom market as a licensed service provider.

However, a top government source said the launch would be impossible before the Presidential Elections. Sri Lankans will go to the polls on September 21 to decide on the next President to govern the country for another period of five years.

Once Starlink is launched, Elon Musk is also scheduled to visit Sri Lanka. Besides, the government authorities are planning for a Zoom meeting with Starlink.

(Daily Mirror)

(This story, originally published by Daily Mirror has not been edited by SLM staff)