https://ceylontoday.lk/news/cbsl-re...KXEclP4G_JVyR-Zxd8Pk7fqEdPbxA-0PXUpyOhmGlVOXU
The Central Bank of Sri Lanka (CBSL) has lifted the 100% cash deposit margin requirement previously imposed on the importation of non-essential goods.
This was revealed by CBSL Governor Ajith Nivard Cabraal at the unveiling of the ‘Six-Month Road Map for Ensuring Macroeconomic and Financial System Stability’, held at the Atrium of the CBSL this morning (01).
Earlier this month, CBSL imposed a 100% cash margin deposit requirement against the importation of selected goods of non-essential nature including mobile phones, home appliances, clothing, accessories, cosmetics, fruits and beverages.
The decision was made in an attempt to support the efforts to preserve the stability of the exchange rate and foreign currency, by discouraging excessive imports.
However, acknowledging the difficulties the decision gave rise to, despite serving its intended purpose, Cabraal noted that the decision would be revoked immediately.
“We believe now with the current inflows we are envisaging as well as the steps we are taking, we would be a in a position to relax that with immediate effect”, he said.
He urged importers, however, to refrain from excessive importation, adding that the relevant authorities would monitor the procedure to ensure that no unnecessary stockpiling takes place.
The Central Bank of Sri Lanka (CBSL) has lifted the 100% cash deposit margin requirement previously imposed on the importation of non-essential goods.
This was revealed by CBSL Governor Ajith Nivard Cabraal at the unveiling of the ‘Six-Month Road Map for Ensuring Macroeconomic and Financial System Stability’, held at the Atrium of the CBSL this morning (01).
Earlier this month, CBSL imposed a 100% cash margin deposit requirement against the importation of selected goods of non-essential nature including mobile phones, home appliances, clothing, accessories, cosmetics, fruits and beverages.
The decision was made in an attempt to support the efforts to preserve the stability of the exchange rate and foreign currency, by discouraging excessive imports.
However, acknowledging the difficulties the decision gave rise to, despite serving its intended purpose, Cabraal noted that the decision would be revoked immediately.
“We believe now with the current inflows we are envisaging as well as the steps we are taking, we would be a in a position to relax that with immediate effect”, he said.
He urged importers, however, to refrain from excessive importation, adding that the relevant authorities would monitor the procedure to ensure that no unnecessary stockpiling takes place.
