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Thursday, 20 September 2018 - 15:39
Central bank decision to affect vehicle importers
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The Vehicle importers union has voiced its objections to the decision made by the Central Bank of Sri Lanka to impose a 100 per cent margin deposit requirement against Letters of Credit, opened with the commercial banks for the import of motor vehicles.
 
They complain that their businesses will be affected as a result of the decision discouraging the sale of vehicles.
 
The Government has taken this decision as a consequence of the depreciation of the value of the local rupee.
 
However, the president of the vehicle importers union, Indika Merenchige stated that making this system compulsory for the private sector is not practical.
 
A100 per cent margin deposit requirement against Letters of Credit was introduced yesterday for vehicles other than commercial vehicles.
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