The Central Bank of Sri Lanka (CBSL) says the Banking Act directions made by its Monetary Board on cash margin deposit requirements against imports have been revoked.

Thereby, the revocation, made pursuant to Sections 46(1) and 76(J)(1) of the Banking Act No. 30 of 1998, is effective immediately.

In a notice issued to licensed commercial banks, the Central Bank said: “Banking Act Directions No. 03 of 2022 dated 19 May 2022 on margin requirements against imports, and Banking Act Directions No. 03 of 2022 dated 17 February 2023 on amendment to the Banking Act Directions No, 03 of 2022 on margin requirements against imports are hereby revoked with immediate effect.”