The Central Bank of Sri Lanka (CBSL) removed the 100 percent cash margin deposit requirement imposed on 623 ‘non -essetial’/non urgent’ imported goods including mobiles, home appliances, clothing, household, and furniture items with effect from the 1st of October this year.
The CBSL, Governor, Ajith Nivard Cabraal revoked the margin requirement on these imported goods imposed under Banking Act Direction No. 12 of 2021by former CBSL Governor, W. D. Lakshman on 8th of September this year.
“Importers should use this responsibly and should not import excessive amounts,” Cabraal said.
He also urged the construction industry not to stockpile imported materials, while assuring that the country has sufficient foreign exchange to finance the imports.