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Thursday December 9th, 2021
Economy

Sri Lanka to crack down on Hawala remittances

ECONOMYNEXT – Sri Lanka is collecting information on remittances coming through unofficial channels and action will be take to curb the practices, Central Bank Governor Nivard Cabraal said.

“We have been collecting information on these activities,” Cabraal told reporters Thursday. “We will take action against people who are wrongfully (ayuthu lesser) using this.”

Some clearing houses are also making ‘mirror image’ transactions.

He said action was also being taken against this activity as well.

Governor Cabraal said reduced expatriate workers going out as well as the higher rates on unofficial channels were contributing to this situation.

Each year about 250,000 persons left the country. Efforts were being made to expedite the issue of passports, he said.

A plan was also put in place to give extra benefits such as pensions to encourage remittances from official channels.

These included pensions and other benefits. Already a 2 rupee extra payment was being made.

Remittances fell to 353.2 million US dollars in September 2021, from 702.7 million US dollars in last year. (Colombo/Nov25/2021)

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