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CB further tightens import restrictions to preserve stability of rupee

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100 per cent cash margin deposit imposed on non-essential imports

The Monetary Board of the Central Bank of Sri Lanka imposed a 100% cash margin deposit against the import of selected goods of non-essential or non-urgent nature category including mobile phones, televisions, watches, refrigerators, fruits, air conditioners, wine and beer.

Issuing a statement the CBSL said yesterday that the decision had been taken at a meeting held on Wednesday (08). Imports mentioned above, made under Letters of Credit and Documents against Acceptance terms with Licensed Commercial Banks and National Savings Bank, will be affected with immediate effect.

“The decision to impose the cash margin deposit requirement is expected to support the ongoing efforts to preserve the stability of the exchange rate and foreign currency market liquidity, particularly by discouraging excessive imports of speculative nature,” the CBSL said.

A summary of product categories that are subjected to cash margin deposit requirements are: Telecommunication devices (such as mobile telephones and fixed telephones), home appliances (such as fans, TVs, refrigerators, washing machines, digital cameras, hair clips, heaters, lamps, ovens), clothing and accessories (such as babies’ garments, hosiery, jerseys, nightdresses and pyjamas, overcoats, shirts and blouses, suits, track suits and swimwear, T-shirts, underwear, footwear, watches, sunglasses, other accessories), household and furniture items (such as furniture, lamp and lighting fittings, ornamental products, tableware and kitchenware, bed linen), rubber tyres, air conditioners, fruits (such as fresh apples, grapes, oranges and dried fruits, fruit juices), cosmetics and toiletries (such as perfumes, makeup preparations), beverages (such as beer, wine, mineral water and other beverages), other food and beverages (such as cereal preparations, starches, chocolates, malt, fish fillets, cheese, butter) and other non-food consumables (such as musical instruments, tobacco products, toys, stationery).

The total import cost of these items in 2019 was USD 1.05 billion in 2019, USD 871.2 million in 2020 and USD 753.4 million between January and July 2021.



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Law will be enforced against all those who acquire assets illegally- State Minister Chathuranga Abeysinghe

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State Minister of Industries and Entrepreneurship, Chathuranga Abeysinghe, while addressing  a public gathering held at the Raffles Hotel in Kotte on  Tuesday [April 22] said that the law will be enforced against all those who acquire assets illegally.

He said that , if someone joins a municipal council receiving a modest salary and, within two to three years, builds a luxury house and acquires a vehicle, we will question how such wealth was amassed. If a satisfactory explanation cannot be provided, the law will be enforced and the measures will be taken to confiscate any illegally acquired assets.

The opposition frequently levels accusations against us, but we have not engaged in any wrongdoing. We have not misappropriated public funds, used undue influence to secure school admissions for our children, or interfered with law enforcement. We are dedicated to serving the people by upholding an ethical and responsible political culture.

If you wish to develop your community, I respectfully urge you to elect individuals of integrity who will not misuse public funds.

[Prime Minister’s Media Division]

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Unrest at Matara prison brought under control

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The Matara prison this. morning. (Pics by Pankaja Sankalpa)

It has been reported that prison officials and the police have brought the unrest among the 500 plus inmates of the Matara prison which commenced on Tuesday [22] under control by this morning  (23)

It has been reported that  the inmates had broken out of their wards after which the officials were compelled to fire in the air and use tear gas to bring the situation under control.

The inmates are being temporarily transferred to the Angunkolapelessa prison in groups to enable authorities to repair the the damage caused to the wards and cells within the premises.

The prison officials who were injured during the conflict are receiving treatment at the Matara hospital.

 

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Local government authorities and Municipal Councils are the nursery of corrupt politics. – Prime Minister

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The Prime Minister stated that the President has challenged all ministers to transparently and efficiently spend the funds allocated to each ministry through the national budget for the benefit of the people, and that the local governments and municipal councils have historically been the nursery grounds of corrupt politics.

The Prime Minister made these remarks while addressing a public gathering held at the Raffles Hotel in Kotte on Tuesday [April 22].

The Prime Minister further stated:

“All 159 of us in Parliament today did not enter through family or financial influence. We are ordinary citizens just like you and individuals who stand among you. Unlike in the past, our members do not behave disruptively in Parliament. When school children visit, there is no need for the Speaker to request their removal that our parliamentary members conduct themselves with dignity, adherence to the law, and political maturity.

This is the kind of Parliament we have always aspired to have. Today, it is you who has made this transformation possible. For a long time, we have not experienced the advantages of an efficient and properly functioning local government. You now have the opportunity to elect representatives who are truly committed to serving you and improving your local institutions.

The event was attended by Arosh Athapaththu, Sri Jayawardenapura Kotte Municipal Council candidate representing the National People’s Power, along with several other candidates and a large number of local residents.

[Prime Minister’s Media Division]

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