Regulatory Alerts2019-04-18 | Banking Act Directions No. 2 of 2019Measures to Curtail Imports of Motor Vehicles
The Central Bank of Sri Lanka has withdrawn its September 2018 direction restricting motor vehicle imports, effective immediately. Licensed commercial and specialized banks must now comply with Circular No. 05 of 2019, which eliminates previous restrictions on opening letters of credit for these imports. This regulatory update facilitates motor vehicle acquisitions under concessionary permits by streamlining banking financing requirements for importers.
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