Import restrictions lift for 400 products | Daily News

Import restrictions lift for 400 products

Increase in Dollar reserves attributed:

Finance State Minister Dr. Ranjith Siyambalapitiya yesterday said that import restrictions on 300 to 400 products will be lifted from next week.

The State Minister made this announcement while speaking to the media after a ceremony. He stated that these import limitations will be relaxed as the currency strengthens due to an increase in supply against demand for dollars.

However, he stated that there are no plans to ease import restrictions on goods which can be produced locally. The Government had controlled imports of 3,000 denoted by HS codes out of a total of 8,000 during the past two years.The controls were then brought down to 1,000 as they hurt small and medium industries which depended on inputs.

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