It is reported that the Minister of Finance Basil Rajapaksa has objected to the Cabinet proposal made by the Minister of Labour Nimal Siripala de Silva to pay Rs. 240 for every dollar that Sri Lankan migrant workers send to Sri Lanka.
Presenting the proposal to the Cabinet last Monday, the Labor Minister said that due to the non-payment of the proper value for the dollar, foreign workers have resorted to illegal means such as the ‘Undial’ system to send money to Sri Lanka.
The Minister also said that if every dollar sent by Sri Lankans abroad was given Rs. 240, it would be a solution to the current dollar shortage in the country.
However, the Finance Minister has objected and said that it should not be done as only a limited number of people send money through the Undiyal system.
Banks currently pay around 202 rupees per dollar.
The Central Bank had however, recently decided to add another 10 rupees to it
However, it is reported that a dollar in the black market sells for around 250 rupees.