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Monday September 25th, 2023

Sri Lanka air travellers warned of confiscation, fines by Customs

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)

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  1. sacre blieu says:

    what about the ones they allowed to get away with , an many more so in the past. Some have got super rich, even the so called custom guards.

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  1. sacre blieu says:

    what about the ones they allowed to get away with , an many more so in the past. Some have got super rich, even the so called custom guards.

Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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