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Thursday October 6th, 2022

Sri Lanka tightens import controls with license raj, taxes amid rupee float

ECONOMYNEXT – Sri Lanka has tightened the import of dozens of items including electronics, dairy goods and fruits after money printing created forex shortages.

Some items have been brought under licensing, some under taxes and some under taxes and licensing, the state information office said.

The controls are for a limited period to help stabilize the economy, the statement said.

Sri Lanka printed large volumes of money to keep interest rates low and create d ‘production economy’ after cutting taxes.

The central bank said last week it had requested tax hikes on 700 items to discourage imports and also bring revenue.

However the central bank has also floated the currency to stop using reserves for imports and encourage forex markets to work. (Colombo/Mar09/2022)

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