Regulatory Alerts2020-03-04 | Circular No. 03 of 2020Recovery of Accommodation to Exporters
The Central Bank of Sri Lanka has extended the maximum settlement period for export credit facilities to 180 days from the shipment date. This directive applies to licensed commercial banks and takes effect on 1 March 2020. The updated timeline replaces prior accommodation recovery rules to streamline export financing settlements.
Draft CENTRAL BANK OF SRI LANKA BANK SUPERVISION DEPARTMENT 04 March 2020 CIRCULAR No. 03 of 2020 RECOVERY OF ACCOMMODATION TO EXPORTERS Further to our Circular dated 03 August 2015 on the above subject, licensed commercial banks (LCBs) are informed of the following. (i) The Central Bank of Sri Lanka has decided to extend the maximum period for the settlement of export credit facilities out of export proceeds to 180 days from the date of shipment. (ii) This Circular shall come into operation with effect from 01 March 2020.
(Mrs.) V A A N De Silva Director of Bank Supervision