2 June 2023 11:01 am
The Government is set to ease import restrictions on about 300 to 400 items, effective from next week, State Finance Minister Ranjith Siyambalapitiya said today.
This move comes as a result of the improved supply of US dollars, leading to a decision to relax the constraints imposed earlier.
Speaking to the media in Ruwanwella, Minister Siyambalapitiya highlighted that the import restrictions were initially put in place due to the shortage of foreign exchange in April of the previous year.
“The significant depreciation of the Sri Lankan Rupee, nearly 100 per cent, further necessitated the need for these measures,” he said.
The Government opted to restrict the importation of non-essential items during this challenging period.
However, Minister Siyambalapitiya emphasized that the Government remains committed to protecting and promoting local industries.
“Therefore, import restrictions on goods that are domestically produced will not be lifted at this time,” he said.
Last year, in response to the foreign exchange crisis, the Government imposed a ban on the importation of 1,465 items. However, subsequently, certain restrictions were gradually lifted on select products, considering the evolving economic situation. (Darshana Sanjeewa Balasuriya)