ANNOUNCEMENT 30 Aug 2013In August 2013, the government of Sri Lanka announced a change in the settlement of trade invoices.
NUMBER OF INTERVENTIONS
Sri Lanka Central Bank Circular 35/01/005/0010/15 (no longer in force - link comes from the Vehicle Importers Association of Sri Lanka): http://www.cbsl.gov.lk//pics_n_docs/09_lr/_docs/directions/dod/2014/35_01_005_0010_18_e.pdf
Sri Lanka Central Bank Circular 35/01/005/0010/18: http://www.cbsl.gov.lk//pics_n_docs/09_lr/_docs/directions/dod/2014/35_01_005_0010_18_e.pdf
On August 30, 2013, the Central Bank of Sri Lanka issued circular 35/01/005/0010/15 to commercial banks, instructing them not to open Letters of Credit for the importation of motor vehicles and parts thereof (under tariff lines 8702, 8703, 8704, 8706, 8707, 8708, and 8711) unless they are covered by a minimum cash margin of 100 per cent of the import value deposited with the commercial bank in question.
On January 2, 2014, the Central Bank lifted this requirement with circular 35/01/005/0010/18,with immediate effect.