Sep 11, 2021

Prices of imported non-essential goods increase by 40%

Importers say prices of non-essential goods will rise by at least 40%.

Importers have told Lankadeepa that the reason for this situation is the government's order to set a 100 per cent cash deposit margin when importing non-essential goods.

However, Trade Minister Bandula Gunawardana said there is no reason for any price hike of import items subjected to 100 per cent cash deposit margin requirements.

In a video clip released to the media through the Government Information Department, the Minister said there was false propaganda orchestrated by the opposition that the government had banned the import of 623 items such as home appliances.

He said the Central Bank had only increased the cash deposit margin to 100 per cent of the total import value in opening Letters of Credit.

“That has been done by the Central Bank to discourage importing such items as a measure for the reduction of pressure on the balance of payment and foreign exchange.