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Sri Lanka imposes drastic import restrictions

Sri Lanka imposed a 100% cash margin when opening letters of credit for 623 items.

These items range from mobile phones, chocolates, cereal, and a variety of clothing.

CBSL had taken the decision to discourage imports as the country faced foreign exchange shortages as large volumes of money were printed.

Banks have also been barred from giving credit for importers to meet the margins.

Licensed Commercial Banks “shall not grant any advances to their customers for the purpose of enabling such customers to meet the minimum cash margin deposit,” said the Central Bank.

A direction issued to licensed commercial banks by the Central Bank said the margin requirement was effective from September 08th.

The CBSL statement mentioned 623 items through customs codes including, chocolates, spaghetti, apple juice, wine, oats, soya milk, dairy goods, lipsticks, carpets, coats anoraks, and electronic goods.

The Monetary Board of the Central Bank of Sri Lanka, decided to impose a 100% 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, said the statement.

40a62e4e press release on margins 09 sep 2021 page 001 724x1024 1

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