Cash margins on importing non-essential items removed

The Central Bank of Sri Lanka has decided to remove the cash margins imposed on the importation of non-essential items with immediate effect, announced Governor Ajith Nivard Cabraal on Friday (01).

He requested and invited the importers to act responsibly and only import what is necessary, and appealed to importers not to stockpile additional inventory.

“We want to assure the importers that there will be sufficient foreign exchange and reserves available for them and we would like to ensure that their imports are done in such a way that they do not need to stockpile unnecessarily,” said the governor.

He was speaking at the launch of the Six-Month Road Map for Ensuring Macroeconomic & Financial System Stability by the Central Bank of Sri Lanka.

He further added that NO changes whatsoever will be made to the personal foreign currency accounts (PFCA), previously known as the NRFC / RFC accounts.

(newsfirst.lk)

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CBSL imposes 100% cash deposit margin requirements on selected imports

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