SL managed to save over US$ 1.2bn in forex through import restrictions

Sri Lanka was able to save over US$ 1.2 billion in foreign exchange in the first three months of restrictions on import of goods, State Finance Minister Ranjith Siyambalapitiya told parliament yesterday. 

On August 23, 2022, the government decided to restrict the import of 1, 464 items which were deemed non-essential to save foreign exchange.
However, since then the government relaxed restrictions on 780 items in September, November and December based on the studies carried out by the Finance Ministry and the Central Bank. 

Lobbying by various industry groups, business chambers and Board of Investment, has also been a major reason for the relaxation.

Meanwhile, Siyambalapitiya said the government was not ready to adopt an inflexible approach regarding import restrictions. 

He expressed these views in parliament yesterday presenting a proposal to obtain approval for several gazette announcements and orders issued with regard to import and export restrictions.