Sri Lanka Central Bank pleads for forex donations from overseas Sri Lankans

Sri Lanka’s Central Bank has pleaded for financial contributions from overseas Sri Lankans to overcome the acute foreign exchange crisis.

“… the Central Bank of Sri Lanka (CB) warmly welcomes the communications made by the Sri Lankans living abroad, expressing their willingness to support the motherland at this crucial juncture by donating much needed foreign exchange to the foreign reserves of Sri Lanka,” its Governor Dr. Nandalal Weerasinghe said in a message to overseas Sri Lankans.

It said currently Sri Lanka is facing social, economic and financial distress creating hardships to its people due to the long lasting impact of the COVID-19 pandemic, global political imbalances and macroeconomic imbalances of the country. Although the authorities are taking measures to address the above situation of the country, including taking steps to actively manage its debt obligations, finding immediate financial assistance from other nations and progressing at the discussions with the International Monetary Fund for a comprehensive programme, the positive impacts of such measures will benefit the people only in the medium to long term. Therefore, urgent measures are needed to enhance the foreign reserve position of the country to meet its day-to-day essential imports including food, fuel and medicine.

He said well-wishers may make foreign exchange transfers to the CB accounts maintained at three banks in the US, UK and Germany under the beneficial ownership of the CB, and the CB “assures that such foreign currency donations will be utilised only for the purpose of importation of essentials such as food, fuel and medicine”.

The statement said that in order to maintain the transparency of collection and utilisation of such foreign currency resources, a Committee consisting three members from the CB has been appointed, and the Committee will publish the financial statements of the foreign currency funds received from the well-wishers into the said accounts on a quarterly basis via the official website of the CB while the receipt and utilisation of funds of these accounts will be subject to periodic independent audit.