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The speculation that workers’ remittances will be forcibly converted into Sri Lankan rupees under the proposed Secure Finance Agreement (SFA) is completely unfounded, the Central Bank of Sri Lanka said yesterday.

“Unfounded speculation is being propagated by parties with vested interests that the recently announced Request for Proposals (RFP) for the Secure Funding Agreement (SFA) aims to convert all workers’ remittances into Sri Lankan rupees as soon as they are received. reception by approved banks.

The Central Bank of Sri Lanka categorically states that there is no truth in this allegation.

As of May 28, 2021, licensed banks are expected to sell CBSL 10 percent of voluntary conversions of workers’ remittances into Sri Lankan rupees on the basis of the additional Rs. 2 incentive provided by the government on such conversions.

While a tender has now been launched to explore the possibility of securitizing this already existing flow to the Central Bank, the SFA will have no impact on workers’ remittances, which can continue to be freely held over. foreign currency accounts in Sri Lanka or converted to Sri Lankan Rupees as in the past.

Accordingly, the general public is urged to remain vigilant and not to be misled by such false information.

In the meantime, in collaboration with the government, CBSL will continue to facilitate the improvement of workers’ remittances by incentivizing remittances through formal channels, as previously announced, the bank said.