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Import restrictions on vehicle spare parts, cosmetics to be lifted soon

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Sri Lanka’s Finance Ministry said that the import restrictions on a number of products including cosmetics, and vehicle spare parts will be lifted within two weeks.

State Finance Minister Ranjith Siyambalapitiya on Friday (21) said that the Department of Economic Research will work on lifting the restrictions after considering the appeals forwarded by those involved in the relevant sectors.

On the 23rd of August 2022, Sri Lanka restricted the imports of 1,465 products due to the forex crisis.

Thereafter, 708 products were removed from that list after considering multiple appeals.

The State Minister said the restrictions will be gradually lifted in the future based on the reasonable requests made by importers.

(news1st)

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No justification for coconut oil price hike – Coconut Development Authority

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The Coconut Development Authority has stated that there is no valid reason for a price increase of coconut oil in the local market.

CDA chairman – Prof. Roshan Perera has emphasized that there has been no tax hike on imported coconut oil.
Given the sufficient supply of coconut oil for domestic consumption, Prof. Perera asserted that any price increase is unjustifiable.

Additionally, a new regulatory program is being planned to control and stabilize coconut oil prices in the market, he added.

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Coconut oil price upped

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The price of a litre of coconut oil has been increased by more than Rs. 100, the National Consumer Front (NCF) has said.

NCF Chairman Asela Sampath said that the price of a litre of coconut oil has been increased by between Rs. 180 and Rs. 200. 

Accordingly, the current retail price of a coconut oil litre is Rs. 550.

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Registration compulsory for all money changers 

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The Central Bank has issued a notice making it compulsory for all money exchange institutions to be registered with the Central Bank and regulated by it. 

The CB order is in effect from 3 June 2024. 

The Central Bank states that all money changers who are currently not registered will now receive the opportunity to provide such services in a systematic and regulated manner. 

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