Central Bank imposes import limitations on non-essential goods

The Central Bank of Sri Lanka has imposed import limitations on non-essential goods.

The Monetary Board of the Central Bank of Sri Lanka has decided to impose a 100 per cent cash margin deposit requirement against the importation of selected goods of non-essential/non-urgent nature made under Letters of Credit and Documents against Acceptance terms with Licensed Commercial Banks and National Savings Bank, with immediate effect.

The decision to impose the cash margin deposit requirement is expected to support the ongoing efforts to preserve the stability of the exchange rate and foreign currency market liquidity, particularly by discouraging excessive imports of speculative nature.

The goods on which import limitations have been enforced include telecommunication devices (such as mobile telephones and fixed telephones), home appliances (such as fans, TVs, refrigerators, washing machines, digital cameras, hair clips, heaters, lamps, ovens), clothing and accessories (such as babies’ garments, hosiery, jerseys, nightdresses and pyjamas, overcoats, shirts and blouses, suits, track suits and swimwear, T-shirts, underwear, footwear, watches, sunglasses, other accessories), household and furniture items (such as furniture, lamp and lighting fittings, ornamental products, tableware and kitchenware, bed linen), air conditioners and cosmetics and toiletries. (Colombo Gazette)

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