Import of vehicles: CB imposes 100% deposit requirement

30 August 2013 03:37 am - 3     - {{hitsCtrl.values.hits}}

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The Central Bank has imposed a 100 per cent margin deposit requirement against the Letters of Credit opened with the commercial banks for the import of motor vehicles, other than buses, ambulances, lorries and trucks.

Issuing a statement, the Central Bank said:

The Central Bank has noted that, during the year 2013, the currencies of several trading partner economies have sharply depreciated against the Sri Lankan rupee. As a consequence, there has been a growing possibility that the importation of motor vehicles into Sri Lanka could accelerate in the period ahead. The Central Bank believes that this trend should not be allowed to continue without a suitable response.

In that background, in order to deal with the emerging risk, the Monetary Board at its meeting held on 27th August 2013 decided to impose a 100 per cent margin deposit requirement against the Letters of Credit opened with the commercial banks for the import of motor vehicles, other than buses, ambulances, lorries and trucks. Accordingly, Letters of Credit for the importation of specified vehicle categories could be done only with a minimum cash margin of 100 per cent, with immediate effect.

The Monetary Board has also decided to review the imposition of this margin after a period of six months.
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  Comments - 3

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  • sham Friday, 30 August 2013 10:12 AM

    Why don't u impose same to fuel import ? ...first ask CB governor to step down.. he is a just a talk show...

    LAKWASI Friday, 30 August 2013 05:17 AM

    Government trying to manipulate the LKR, BY increasing the LKR demand.

    Sulang Kurulla Saturday, 31 August 2013 11:46 AM

    Very good they should restrict vehicle imports especially from India. People are played out with vehicles like TATA NANO which is dirt - poor man is getting played out for sure. Just a heap of junk after one year. Shame on the companies which brings this junk to the country.


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