Sri Lanka will closely monitor imports under a new regulatory framework aimed at preventing foreign exchange leakages, Deputy Finance Minister Anil Jayantha Fernando said on Friday.
Sri Lanka To Closely Monitor Imports To Prevent Forex leakages
All importers will now have to furnish their personal information, their company identifications
"The aim is not to restrict imports but to monitor the importation process closely to tackle any wrongdoings", he told reporters in Colombo, referring to a government notification issued last week that prescribed stricter requirements for importers.
"All importers will now have to furnish their personal information, their company identifications, their bank account details", said Fernando, adding that there have been cases of fraudulent import practices such as fake company registrations.
Under the new rules, each import transaction will be assigned a separate identification number.
Sri Lanka remains sensitive to pressures on its foreign exchange reserves after the economic crisis of 2022, when the country faced a severe shortage of dollars for essential imports.
The Sri Lankan rupee has depreciated by more than seven per cent against the US dollar this year, adding to concerns over import costs and pressure on foreign exchange reserves.
The government also imposed a new surcharge on vehicle imports last month to curb import volumes for three months amid the weakening rupee against the US dollar.
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