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Sunday June 26th, 2022

Sri Lanka to impose LC deposit margins to discourage imports

ECONOMYNEXT – Sri Lanka will shortly impose deposit margins on letters of credit to curtail imports, Central Bank Governor Nandalal Weerasinghe said.

“From this monetary policy decision we have re-imposed letter of Credit margin requirement, where all non-essential item importers will have to put money in advance to open LCs., “Governor Weerasinghe said.

The circular has already been issued, he said.

The deposits will raise the cost of goods to importers.

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