The Banking Act directives issued by its Monetary Board on the cash margin deposit requirements against imports have been overturned, according to the Central Bank of Sri Lanka (CBSL).
As a result, the cancellation, which was made in accordance with Sections 46(1) and 76(J)(1) of the Banking Act No. 30 of 1998, took effect right away.
The Central Bank stated in a press release: “Banking Act Directions No. 03 of 2022, dated May 19, 2022, on margin requirements against imports, and Banking Act Directions No. 03 of 2022, dated February 17, 2023, on amendment to the Banking Act Directions No, 03 of 2022, on margin requirements against imports, are hereby revoked with immediate effect.”
