Mar 19, 2020

CBSL stops non-essential imports, limits forex issue

The Central Bank of Sri Lanka has introduced urgent measures to ease pressure on the rupee, prevent market panic.

Under these measures, the CBSL urges all commercial banks and the National Savings Bank to stop facilitating importation of specified vehicles and non-essential for three months.

The CBSL also suspends the purchasing of Sri Lanka International Sovereign Bonds.

In addition, Authorised Dealers of foreign exchange will only be allowed to issue foreign currency notes as travel allowance up to a maximum of USD 5,000 (or its equivalent in other foreign currency).

"The Central Bank will continue to monitor market developments and take further measures as required, while ensuring adequate liquidity in the market in order to facilitate smooth operations and sustain market confidence amidst the COVID-19 outbreak," the media release adds.

Click here for the full media release.