Customs, banks instructed not to facilitate palm oil imports

The Imports and Exports Control Department has issued a directive to all commercial banks and Sri Lanka Customs to not to facilitate the processes of palm oil importation with immediate effect.

The order follows President Gotabaya Rajapaksa’s decision to completely ban palm oil imports in refined or crude form with immediate effect, along with a decision to completely do away with the cultivation of oil palm and phased out the removal of what is already cultivated.

Commercial banks have been instructed not to effect advance payments nor establish letters of credit (LCs) with immediate effect. The banks are also instructed to refrain from releasing any documents to assist the clearance of palm oil shipments at Sri Lanka Customs, and not effect payment in such instances until further notice.