Regulatory Alerts2015-08-03 | 02/17/600/002/002Recovery of Accommodation to Exporters
The Central Bank of Sri Lanka directs licensed commercial banks to exercise discretion in extending export credit settlement periods for tea exports up to 180 days from shipment, addressing delayed remittances caused by geopolitical factors. This extension requires approval from a duly authorized executive officer within each bank and applies specifically to credit granted to tea exporters. The directive takes effect from 1 June 2015 and supersedes previous accommodation guidelines for this sector.
6 golur @lo OrosUO Beunirene lo$#u nrdxff CEilIRAL BAilK OF SRI I.AillU 03 August 2015 CIRCULAR Rer: o2n7t6ootooo2too2 Bank Supervision Department To: The Chief Executive Officers of Licensed Commercial Banks Recovery of Accommodation to Exporters Further to our Circular dated 28 May 2015 on the above subject, licensed commercial banks (LCBs) are informed of the following. l) The Central Bank of Sri Lanka, after considering the representations made by the Tea exporters that remittance of export proceeds is delayed due to geopolitical factors confronted by countries importing tea products from Sri Lanka, has decided that LCBs may use their judgment and discretion to enhance the period granted to settle export credit out of export proceeds up to 180 days from the date of shipment in respect of credit granted to tea exports, provided that such decision be taken by a duly authorised officer performing executive functions in the respective bank. 2) This Circular shall come into operation with effect from 01 June 2015. (IvIrs.)TMJYPFemando fr Director of Bank Supervision o OeD Oog, qelD 30, deDoAcro olO(D, lD6. @e. 5OO, elot€io Ol, € €plDro ( sn r zazztoolesg 6 eU6 @mg, ga). 30 etrrgtlugfl onopop Ostr(grbq 1 p. Gu. Qa>.590, Oonqeiix{ 0l, ea)rd|o6 [6v6] 6, t{0,30, Janadhlpathl Maf,alha, Colombo 1 P.0.Bor590,Colombo 01, Srl lrnka, ld %u2417211 M banksup@cbsl.lk @ www.cbsl.gov.lk