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Tuesday, May 24, 2022

Payments on imports through authorized banking system to be made compulsory

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Finance Ministry will issue a new gazette notification under the Import and Export Control Act, making all payments on imports to Sri Lanka compulsory through an authorized banking system and not on Open Accounts, says the Central Bank Governor.

Addressing a special media briefing this evening, Dr. Nandalal Weerasinghe said several measures will be jointly taken by the Finance Ministry and the Central Bank to curb the transactions in foreign exchange outside the banking system.

The CBSL governor, speaking further, noted that the reason for the foreign exchange shortage in the local banking system is the remittance of funds through informal transfer systems such as Hawala and Undiyal.

As the first step against informal transfer systems, a gazette notification is expected to be issued either today or tomorrow to make the payments for imports to the island through authorized banking system mandatory.

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