CBSL imposes 100% cash margin deposit on selected goods including mobiles, TVs

The Monetary Board of the Central Bank of Sri Lanka, has decided to impose a 100 percent cash margin deposit requirement against the importation of selected goods of non-essential or non-urgent nature made goods including on mobile phones, televisions, watches, refrigerators, fruits, air conditioners, wine and beer.

The CBSL in a statement said the Monetary Board of the Central Bank of Sri Lanka, at its meeting held on Sept. 8, decided to impose a 100 percent cash margin deposit requirement against the importation of these goods made under Letters of Credit and Documents against Acceptance terms with Licensed Commercial Banks and National Savings Bank, with immediate effect.

The decision to impose the cash margin deposit requirement is expected to support the ongoing efforts to preserve the stability of the exchange rate and foreign currency market liquidity, particularly by discouraging excessive imports of speculative nature.

(Source: Daily Mirror)