Sri Lanka relaxes import restrictions

Colombo : Sri Lanka has relaxed import restrictions imposed on 369 items in March and April this year, the Ministry of Finance said on Wednesday in a press release. Prime Minister Ranil Wickremesinghe, in his capacity as the minister of Finance, Economic Stabilization and National Policies, has issued a gazette notification on the relaxation, the ministry was quoted as saying by Xinhua news agency. Earlier, those who wanted to import any of the 369 items had to obtain an import license, and the decision to restrict the import was taken to reduce foreign currency spending on foreign products. Sri Lanka’s central bank on Monday announced that it will ensure importers to have access to adequate foreign exchange through the banking sector to import essential items. Sri Lanka has been facing crippling foreign currency shortages this year, which has affected the import of essential items.