Import limitations placed upon over 600 items

Occurred in Sri Lanka on Sept. 9, 2021 at 6:05 p.m.
Reported by Nishadi Gunatilake via Internet on Sept. 9, 2021 at 7:25 p.m.
# Economic crisis # foreign exchange crisis

This report is Confirmed true and is of Low Priority. Here is why -
The Monetary Board of the Central Bank of Sri Lanka, at its meeting held on 8th September 2021, has decided to impose a 100% cash margin deposit requirement against the importation of 623 product categories of non-essential/non-urgent nature made under Letters of Credit and Documents against Acceptance terms with Licensed Commercial Banks and National Savings Bank. 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. Following this announcement, social media has been abuzz with criticisms, as the alleged non-essential/non-urgent nature of the items listed is quite questionable. A summary of product categories that are subjected to the new cash margin deposit requirements can be found in the attached press release.
Resolution added by - Nishadi Gunatilake
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