Sri Lanka to lift the restrictions on non-essential imports

(COLOMBO, LANKAPUVATH) –The Governor of the Central Bank Ajith Nivard Cabraal says the government has decided to remove all restrictions imposed by the government on the importation of non-essential goods.

Accordingly, the cash deposit restrictions imposed by the Central Bank on the importation of non-essential goods will be removed and importers should take strict responsibility in importing goods after this concession is granted, he added.

Cabraal disclosed this today while speaking during an event to unveil the CBSL’s ‘Six-Month Road Map for Ensuring Macroeconomic and Financial System Stability’.

The Central Bank of Si Lanka on September 08 decided to impose a 100 percent cash margin deposit requirement against the importation of selected goods of non-essential and non-urgent nature made under Letters of Credit and Documents against Acceptance terms with Licensed Commercial Banks and National Savings Bank, with immediate effect.

Presenting the road map for the next six months, the Governor of the Central Bank said the government will aim to increase Gross Official Reserves to cover a minimum of 4 months of imports by March 2022.

Among other objectives are to achieve stable exchange rate and stable interest rates and Real GDP growth of around 5% in 2021 and 6.5% in 1Q-2022 and to stabilize inflation at mid-single digits.

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