'SL- Remit’ to facilitate foreign remittances

A national remittance mobile application titled “SL-Remit” is to be introduced to attract more remittances to Sri Lanka. The Central Bank of Sri Lanka (CBSL) says it had appointed a Working Committee to study and suggest new remittance channels for Sri Lanka and to make recommendations on reducing the cost of remitting money. The CBSL says this comes after having identified the need to introduce new and low-cost remittance channels with the objective of increasing the inflows of foreign remittances while discouraging the use of informal channels. 

The Working Committee comprised experienced professionals from Bank of Ceylon, People’s Bank, Sampath Bank PLC, Commercial Bank of Ceylon PLC, Hatton National Bank PLC, The Hongkong and Shanghai Banking Corporation Limited, Cargills Bank Ltd, Dialog Axiata PLC, Mobitel (Pvt) Ltd and CBSL.