COLOMBO, March 8 (Xinhua) -- The Sri Lankan government has approved a proposal to increase the current incentive allowance paid for Sri Lankan foreign workers who remit U.S. dollars through licensed banks and other formal channels, according to a cabinet press briefing on Tuesday.
During the press briefing, it was announced that 38 rupees (0.17 U.S. dollars) will be paid by the central bank for each dollar sent. Earlier the central bank paid 10 rupees (0.04 dollars) per dollar sent to Sri Lanka.
The cabinet spokesperson said Sri Lankan foreign employees used to remit approximately 7 to 8 billion U.S. dollars annually to Sri Lanka, which dropped by about 2.5 billion dollars in 2021 after the government pegged the dollar at 200 rupees.
The decision to increase the incentive allowance was taken to encourage Sri Lankans who work abroad to send money through formal channels.
The central bank on Tuesday afternoon announced that the official buying rate of one U.S. dollar on March 8 was 225.20 rupees, while the selling rate for the U.S. dollar stood at 229.99 rupees, after it devalued the rupee on Monday. ■