ECONOMYNEXT – Sri Lanka Customs has warned air travellers against bringing goods under import controls or in commercial quantities in during the worst currency crisis in the history of the island’s central bank.
Sri Lanka slapped sweeping import control on items deemed by bureaucrats as ‘non-essential’ as the economists in the country printed money to suppress market interest rates, triggered balance of payments deficits and a steep currency collapse.
Sri Lanka Customs said an increase has been noted in import controlled items brought in airline baggage and un-accompanied baggage.
Some passengers were also bringing commercial quantities of goods.
“All air passengers are informed not to bring banned or temporarily suspended items or goods in commercial quantities,” Sri Lanka Customs said.
“Those who ignore this advice will face confiscation of goods under the Customs Ordinance and Import and Export Control Act and additional fines.”
Sri Lanka has a habit of printing money to suppress rates and blaming imports, the trade deficit, oil, the current account deficit, the budget deficit and not being an ‘export oriented economy’ for monetary instability and not liquidity injections and slamming controls.
Interest rates are then eventually raised and the economy smashed to restore external stability along with a trip to the International Monetary Fund. (Colombo/Aug10/2022)