Regulatory Alerts2023-05-18 | Banking Act Directions No. 04 of 2023Margin Requirements Against Imports
The Central Bank of Sri Lanka issued Banking Act Directions No. 04 of 2023 to mandate immediate margin requirements for all imports under the Banking Act. This directive formally revokes the preceding frameworks established in Directions No. 03 of 2022 and No. 02 of 2023, thereby streamlining regulatory compliance for licensed financial institutions. Operating under Sections 46(1) and 76(J)(1) of the Banking Act No. 30 of 1988, the updated rules take effect immediately to standardize import financing obligations.
[Logo of the Central Bank of Sri Lanka]
MONETARY BOARD CENTRAL BANK OF SRI LANKA
18 May 2023 | BANKING ACT DIRECTIONS | No. 04 of 2023
MARGIN REQUIREMETNS AGAINST IMPORTS
Issued in terms of the powers conferred by Sections 46(1) and 76(J)(1) of the Banking Act No. 30 of 1988, as amended.
Banking Act Directions No. 03 of 2022 dated 19 May 2022 on Margin Requirements Against Imports and Banking Act Directions No. 02 of 2023 dated 17 February 2023 on Amendment to the Banking Act Directions No. 03 of 2022 on Margin Requirements Against Imports are hereby revoked with immediate effect.
[Signature]
Dr. P Nandalal Weerasinghe Chairman of the Monetary Board and Governor of the Central Bank of Sri Lanka