CBSL was a net seller of FX 273Mn in 1Q of 2022 and it got worse in 2Q as they sold (net) USD 337Mn. The situation got much better during 3Q as they were only sold (net) USD 77Mn. Currency was allowed to depreciate and CBSL managed to buy FX from the market, resulting in net sales falling to just USD 2Mn in the last two months.
CBSL has revealed exports are fully repatriating the FX earnings, especially during Sep and Oct. Accordingly, the CBSL investigations have confirmed that 25 percent of export proceedings on average have been directly converted to rupees by the exporters. The CBSL was looking into the remaining 25 percent of export proceedings.