Sri Lanka to relax import restrictions on 300 more items: state minister

July 12, 2023 3:59 pm

Colombo: Sri Lanka will relax import restrictions on 300 more essential items, State Minister of Finance Ranjith Siyambalapitiya said.

Siyambalapitiya made the announcement on Twitter on Wednesday July 12 morning.

Sri Lanka has been gradually easing import restrictions imposed on a host of items in the wake of the country’s worst currency crisis since independence.

On June 09, the government relaxed import restrictions imposed on 286 items (HS codes) including electronics, food items, wooden materials, sanitary ware and other items.

State Minister of Finance Shehan Semasinghe tweeted on June 10 that the relaxation of the restriction will send a strong signal that Sri Lnaka’s economy is open for business and that the country is “back on track”.

In 2021 and 2022, when non-controlled imports like building materials and investment goods surged amid money printing, about 3,000 items were controlled.

State Minister Semasinghe said on June 10 that the relaxation of restrictions will infuse the economy and mitigate inflationary effects further and enhance price stability.

“Imported goods can help moderate prices by providing consumers with options and lower-cost alternatives. We expect the pricing advantage will be passed on to the consumers as fast as possible.

“However, we need to be mindful of the impact on the foreign reserves, exchange rate, balance of payment and mitigate impact on local industries. The government expects every importer to act with responsibility to ensure sustainable growth of the economy,” he said.