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Motor vehicle imports suspended for three months

19 March 2020 08:35 pm - 4     - {{hitsCtrl.values.hits}}

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The Central Bank (CB) today directed all banks to suspend facilitating importation of all types of motor vehicles for three months with immediate effect.

The order is one of the several urgent measures introduced by the CB to ease the Pressure on the Exchange Rate and Prevent Financial Market Panic due to the COVID-19 Pandemic.

In a statement, the CB said licensed commercial banks and National Savings Bank are directed to adopt the following measures during the next three months, with immediate effect:

“Suspend facilitating importation of all types motor vehicles, other than those excluded specifically under Banking Act Directions No.01 of 2020, under Letters of Credit,

Suspend facilitating importation of non-essential goods specified in Banking Act Directions No.01 of 2020, under Letters of Credit, Documents Against Acceptance and Advance Payment

Suspend the purchase of Sri Lanka International Sovereign Bonds by licensed banks in Sri Lanka,” it said.

In addition, Authorised Dealers of foreign exchange are allowed to issue foreign currency notes as travel allowance only up to a maximum of USD 5,000 (or its equivalent in other foreign currency).

The CB said it will continue to monitor market developments and take further measures as required, while ensuring adequate liquidity in the market in order to facilitate smooth operations and sustain market confidence amidst the COVID-19 outbreak.

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

  Comments - 4

See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.

 

  • Samson Thursday, 19 March 2020 09:32 PM

    Too late, importing luxury vehicles should be permanently banned and others should be stopped for at least two years.

    Neo Thursday, 19 March 2020 09:41 PM

    Very good move. The rupee is already under pressure. Seems someone is looking at everything.

    Yana Fernando Friday, 20 March 2020 09:11 AM

    Should be banned for five years. Traders are making huge profits at the expense of public money. Vast sums of foreign exchange is leaving the country to make the traders rich. Bring in a permit system like in Singapore.

    R Brennan Friday, 20 March 2020 10:20 AM

    Good ides


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See Kapruka's top selling online shopping categories such as Toys, Grocery, Flowers, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,News, Courier/Delivery, Food Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka.