Business
Rules on conversion of export proceeds do not apply to workers’ remittances: CBSL

It is not mandatory for Sri Lankans working abroad to convert their remittances into Sri Lanka rupees, the Central Bank of Sri Lanka (CBSL) stated on Saturday, quashing rumours that CBSL rules require converting the entirety of workers’ remittances forcibly into Sri Lanka rupees (LKR) upon the receipt of such foreign exchange funds by the Licensed Banks.
“Recent rules issued by the CBSL in respect of repatriation and conversion of export proceeds to LKR have been misinterpreted by certain parties with vested interests. In particular, unfounded speculation has been mischievously spread that the CBSL rules require converting the entirety of workers’ remittances forcibly into LKR upon the receipt of such foreign exchange funds by the Licensed Banks. Rules on conversion of export proceeds DO NOT apply to workers’ remittances,” CBSL said.
“Migrant workers who channel their earnings through Licensed Banks and other formal channels may hold such funds in foreign exchange at any commercial bank. Accordingly, it is NOT mandatory for Sri Lankans working abroad to convert their remittances into LKR. However, those who wish to convert those earnings into LKR would be eligible to do so while those who do so under the “Incentive Scheme on Inward Workers’ Remittances” announced by the CBSL, would receive an additional incentive of Rs. 10.00 per US dollar until 31 January 2022,” CBSL said.
“Proceeds from “services exports” are foreign exchange earnings of resident Sri Lankans who provide tourism, professional services etc. to non-residents. These services exports would be subject to the rules on conversion of the residual export proceeds after adjusting for the permitted deductions. In this background, it would be clear that the recent rules in respect of repatriation and conversion of export proceeds into LKR are applicable only to “exporters of goods and services” from Sri Lanka, and that the new rules require exporters to convert only the residual balance of the export proceeds into LKR after deducting the permitted payments specified in the rules,” the Bank explained.
The Central Bank further said: “In fact, such permitted payments cover outward remittances in respect of current transactions, withdrawal of foreign exchange as permitted, debt servicing expenses, purchases of goods and services, and investments in Sri Lanka Development Bonds (SLDBs).”
“It must also be stated that similar repatriation and conversion rules for services export proceeds are applicable in other regional countries, including India, Bangladesh, Pakistan, and Thailand, as well.”
“The CBSL reiterates that it would continue to facilitate the enhancement of workers’ remittances in collaboration with the Government by incentivising funds remitted through formal channels, as previously announced, while taking stern legal action against all persons (those remitting and receiving) who indulge in illegal fund transfers. Accordingly, the general public is requested to remain vigilant and not be misled by false information and promises.”
“Licensed Banks are also advised to strictly adhere to the rules stipulated by the CBSL with regard to the conversion of foreign exchange proceeds of customers, and apprise their customers about such rules so as to avoid any misunderstanding,” the Central Bank said.
Business
Corporates pack muscle into Sri Lankan rugby

With the Asia Rugby World Cup Qualifiers in the pipeline, a sense of momentum is building around the Sri Lanka national rugby team — not just on the pitch, but in the boardroom and sponsor suites as well. In a media event that blended patriotic fervor, corporate pride and cautious optimism, top officials from Sri Lanka Rugby (SLR), key sponsors, and the players themselves gathered in Colombo to lay out their ambitions ahead of a crucial series of international fixtures.
At the heart of the event was the announcement of Maliban as the Platinum Sponsor of the Sri Lanka rugby team for the “Asia Rugby World Cup Qualifiers powered by Maliban,” with support from other partners like Commercial Bank, Aitken Spence Travels, Power World and Edge Nutrition.
But beyond the fanfare, the event also showcased a deeper narrative: a sport undergoing transformation, a governing body realigning with international standards and a team preparing to reassert itself on the Asian rugby stage.
Responding to The Island Financial Review, Retired Senior DIG Latiff, chairman of the Sri Lanka Rugby Task Force, addressed the pressing issue of rugby governance, assuring both World Rugby and the local public that structural reforms were well underway.
“By vote of appeal, I did file an order that the new Constitution shall be approved by World Rugby. The foundation is the Constitutional Review Group, Latiff confirmed. “The new Constitution has already been published and registered. That’s why we’re having this programme as a one-time measure — we are on track.”
He further elaborated that the election for the new Executive Director was impending. Once appointed, the Executive Director will oversee membership registration and the eventual conduct of an Annual General Meeting (AGM), likely within 90 days.
Latiff also addressed the elephant in the room — player payments and fund utilization, noting that “internal costs must be covered first,” but that mechanisms were in place to ensure players were recognized and rewarded.
Rodney Gibbs, former assistant coach of All Black’s Seven, now Sri Lanka’s head coach, a recent arrival tasked with pulling the team together in time for the qualifiers, struck a tone of cautious optimism:
“I’m really impressed with the boys, he said. “We’ve had a tough few weeks, but we’ve kept things simple and focused on why they’re playing — who they’re playing for.”
Team captain Tharinda Ratwatte echoed those sentiments in his address, thanking the sponsors and calling on fans to show up in numbers for matches
“We’re as ready as we can be, he said. “This is the start of our campaign for the World Cup qualifiers, and I promise that my team and I will give our best for the nation — no matter what others bring against us. We are a resilient nation.”
Maliban’s Group Marketing Director Mulinda Weerasinghe said: “This is a brand with 70 years of history. We’ve always believed in supporting the spirit of Sri Lanka, he said. “We’ve already conquered 40 countries as a local brand and now we’re tying that international ambition to sport — starting with rugby.”
Isuru Tilakawardana, Deputy General Manager, Commercial Bank, reflected on why the bank chose to step up as an official sponsor:
“Sri Lanka rugby has done really well recently, and these youngsters have tremendous potential. As the leading private sector bank in the country, it’s our duty to support such sports — especially one that mirrors the qualities our country needs: energy, courage, and efficiency.”
The media event also sparked discussions on how Sri Lanka Rugby could further commemorate its progress. The island Financial Review floated the idea of issuing a first-day postal cover or even a commemorative coin to mark the team’s qualification to the Asian qualifiers. Senior DIG Latiff responded with interest, though cautiously:
“Yes, it’s a significant occasion. First-day covers usually mark major milestones. If we qualify for the World Cup, we’ll definitely look into it — but even now, it’s worth considering.”
In terms of talent, SLR High Performance Rugby Director Inthi Marikar, responding to queries addressed concerns about whether Sri Lanka was producing players on par with past legends like S P D Silva or Charles Wijewardene.
Marikar added: “No disrespect to players of the past, but the game has evolved, he said. “The current athletes have skill levels far beyond what we had. Rugby today is faster, more structured, and requires much higher technical proficiency.”
By Ifham Nizam
Business
Daraz crowned Sri Lanka’s Most Loved E-Commerce Brand by LMD

Daraz has been named Sri Lanka’s Most Loved E-Commerce (Retail) Brand in the 2025 edition of LMD’s Brands Annual – a prestigious ranking based on independent nationwide consumer research conducted by PepperCube Consultants to honour the island’s most trusted and emotionally resonant brands.
This accolade reaffirms Daraz’s position as the nation’s leading online shopping destination and is a resounding endorsement of its unwavering dedication to delivering an unmatched online retail experience. With its expansive product portfolio, customer-first policies, and seamless tech-driven interface, Daraz continues to transform how Sri Lankans shop, live, and connect with the digital economy.
“We are honoured to be recognised as Sri Lanka’s most loved e-commerce brand. This recognition reflects the deep trust and loyalty of our customers across the island,” stated Ehsan Saya, Managing Director, Daraz Sri Lanka. “It fuels our mission to democratize e-commerce and bridge access to essential goods and services – while supporting local entrepreneurs and SMEs on their digital journey.”
Business
BOC hosts ‘Future of Finance’ session

Bank of Ceylon (BOC) successfully hosted a thought leadership session titled “Future of Finance” on June 11 at its head office. The event brought together industry leaders and finance professionals to explore the shifting landscape of finance driven by digital transformation, evolving customer expectations, and regulatory changes.
The session was attended by the BOC chairman Kavinda de Zoysa (FCMA CGMA), Andrew Harding (FCMA, CGMA), Chief Executive – Management Accounting at AICPA & CIMA, Ms. Irene Teng – Executive Vice President Global Markets AICPA & CIMA Venkkat Ramanan (FCMA, CGMA) – Vice President, APAC AICPA & CIMA and Tharindu Wijewardana (ACMA UK, CGMA) – Country Head, AICPA & CIMA Sri Lanka, BOC’s Corporate and Executive Management, BOC staff along with representatives from CIMA.
The keynote address delivered by Harding provided valuable insights on how the finance profession is being redefined in the digital age and the critical role of agility and innovation in financial leadership. A compelling panel discussion followed, featuring Harding and Kavinda de Zoysa who shared their views on the future of the finance function. The discussion, moderated by Nilantha Meneripitiyage, Chief Risk Officer of BOC, delved into key themes including the integration of advanced technologies, shifting regulatory frameworks, and the growing need for customer-centric financial solutions. The conversation was further enriched, offering perspectives on talent transformation, data- driven decision-making, and the increasing importance of sustainability in finance.
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