CBSL summoned before COPF

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The Central Bank of Sri Lanka (CBSL) has been summoned before the Committee on Public Finance (COPF) at 10:00 a.m. today (24).

The COPF chaired by Anura Priyadharshana Yapa decided last week to summon the Central Bank Governor, the Finance Secretary, and other officials to discuss the prevailing economic situation and related solutions.

The COPF last week discussed regulations that were enacted under the Import and Export (Control) Act to impose import control licence requirements for importation of 369 non-essential items.

These regulations will be applicable to the importation of goods which have the shipped on board date of Bill of Lading/Airway Bill on or after 10 April 2022.

It was revealed the cost of importing goods in the categories of watches, telecommunication equipment and parts, dairy products, alcohol, beauty products, candles, lamps and lighting accessories, fruits, rubber products (tyres and erasers), electrical and electronic items were higher and amounted to 84 per cent of the total cost of imports.

Accordingly, it is expected to save a considerable amount of about US$ 512 million spent on the importation of these goods during the last three years without hindering industries and exports.

Meanwhile, the officials of Bank of Ceylon (BOC) have been summoned before the Committee on Public Enterprises (COPE) on the same day.