The Bank for Everyone, DFCC Bank, has recently launched a special marketing drive and scheme to attract Foreign Inward Remittances. Looking to support the nation at this challenging time, DFCC Bank is offering an additional
This special incentive is being provided in addition to the prevailing LKR 2 per US dollar offered by the Central Bank of Sri Lanka for worker remittances. The Bank believes that this additional benefit will help to assist the dependents of Sri Lankan expatriates to fulfil their needs and requirements amidst the present challenges. This incentive will be paid out to any DFCC account of the recipient’s choice, and is applicable for inward remittances in all major foreign currencies and not limited to US Dollar remittances.
Senior Vice President, Offshore Banking, Remittance, and Institute Business Development at DFCC Bank, Anton Arumugam said, “At this crucial moment for Sri Lanka, and as a responsible licensed commercial bank, our main priority is to increase foreign remittances flowing into the country, through the formal banking system.”
Sri Lanka needs to increase the inflow of foreign currency through legitimate channels, to support imports, meet obligations and also strengthen its economy To resolve the crisis.
Worker remittances are among the top sources of foreign exchange for Sri Lanka, along with exports, services, and tourism. However, in the recent past, remittances have fallen, though not as a result of fewer Sri Lankans working abroad.
The number of Sri Lankans working abroad has increased since 2020, but remittances have continued to decline. Thus, the need of the hour is a scheme and programme for banks to incentivize remittances through formal channels, to get foreign exchange officially and legitimately flowing into Sri Lanka again, and DFCC Bank is proud to be amongst those taking decisive action in this regard.