Business

Margin deposit imposed on 623 non-essential goods

The Monetary Board of the Central Bank of Sri Lanka has decided to impose a 100% cash margin deposit requirement against the importation of 623 selected goods of non-essential/non-urgent nature made under Letters of Credit and documents against acceptance terms with Licensed Commercial Banks and National Savings Bank, with immediate effect.

The Central Bank issuing a statement said the decision to impose the cash margin deposit requirement is expected to support ongoing efforts to preserve the stability of the exchange rate and foreign currency market liquidity, particularly by discouraging excessive imports of speculative nature.

Among the product categories are telecommunication devices such as mobile telephones and fixed telephones, home appliances such as fans, TVs, refrigerators, washing machines, digital cameras, heaters and ovens, clothing and accessories such as babies’ garments, jerseys, nightdresses and pyjamas, shirts and blouses, suits, track suits and swimwear, T-shirts, footwear, watches, sunglasses and other accessories.

Also among the products are household and furniture items, rubber tyres, air conditioners, fruits including fresh apples, grapes, oranges and dried fruits, fruit juices, cosmetics and toiletries such as perfumes and makeup, beverages, other food and beverages such as cereal preparations, starches, chocolates, cheese and butter, other non-food consumables such as musical instruments, tobacco products, toys and stationery items.

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