The Central Bank of Sri Lanka has imposed new restrictions on the import of non-essential goods.
Accordingly, when importing 623 non-essential items, the importer is required to deposit the total value of the imported stock in a commercial/mercantile bank.
These conditions apply to non-essential items, including mobile phones, televisions, fans, home appliances, fish, cheese, fruit, toys, and clothing.
The Central Bank of Sri Lanka has also instructed commercial/mercantile banks not to provide loan facilities to importers of such goods.
If an importer imports a consignment of goods, the new conditions make it mandatory to deposit the total value of the consignment in Sri Lankan Rupees in any commercial/mercantile bank.
The Central Bank of Sri Lanka also states that importers who do not deposit money in the total value of a bank will not be allowed to import these goods.
These conditions are also imposed as a measure to limit the cost of imports in order to save foreign exchange in the country.
