Regulatory Alerts2020-03-19 | Banking Act Directions No. 1 of 2020Added · Updated
Measures to Curtail Imports and Foreign Currency Investments
The Central Bank of Sri Lanka has directed licensed commercial banks and the National Savings Bank to suspend facilitating imports of specified motor vehicles and non-essential goods, alongside suspending purchases of Sri Lanka International Sovereign Bonds. Implemented with immediate effect for a three-month period, these directives aim to alleviate exchange rate pressure and financial market stress triggered by the COVID-19 pandemic. The restrictions apply to transactions processed under Letters of Credit, Documents Against Acceptance, and Advance Payment, while preserving essential vehicle categories listed in the annex.
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