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US$2,500mn saved so far through restriction on imports: Minister
From the day where the imports of certain goods into the country were restricted, we have been able to save US$ 2,500 million, Finance State Minister Ranjith Siambalapitiya said.
The minister said this while speaking at the International Customs Day ceremony held at the Customs Headquarters today (26).
He pointed out that due to this restrictions, essentials such as fuel, medicines and fertilizer are being imported and there was no shortage of these.
"The Finance Ministry expects that there would not another year compared to 2022 where the nation had to face severe economic difficulties. But people have forgotten the sufferings they underwent last which passed in the midst of economic and political crises," he said.
"It is not correct if I say that 2022 was the toughest year we have ever experienced since the independence," the minister said.
By the end of August last year, the finance minister had completely banned some 1,465 HS codes and restricting a large number of goods, including kites, rose (flowers), toothpicks and lanterns.
Due to the dearth of foreign exchange, that tough decision had to be made rather than controlling imports in other ways, such as raising taxes and issuing notices.
Later, several HS codes were revoked from the ban, while 685 goods still remain completely banned.
Due to the restrictions on imports, the country has been able to save US$2,500 million so far, the minister added. (Chaturanga Pradeep Samarawickrama)
Pix by Pradeep Pathirana
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