3 weeks ago
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The Sri Lankan authorities has imposed a 50% surcharge connected conveyance imports — excluding motorbikes and three-wheelers - considering the continuing descent of the country’s currency.
President Anura Kumara Dissanayake, who is besides the concern minister, successful a notification connected Saturday (May 16, 2026) said “by this bid levy connected imported goods specified successful the docket present to a surcharge astatine the complaint of 50% connected applicable customs work effect from May 16 for a play of 3 months”.
The rupee has seen implicit 3% depreciation against the dollar by mid this period owed to prevailing outer pressures — chiefly the Iran warfare — which has led to a monolithic surge successful substance import bill.
The rupee, which was 309 to 310 against the dollar astatine the opening of the year, presently stands astatine implicit 322.
Calling it a “temporary” measure, Deputy Finance Minister Anil Jayantha Fernando told reporters that the determination is efficaciously aimed astatine making importers hold purchases for 3 months, a determination that could perchance prevention overseas currency reserves.
He said the applicable customs work for cars presently stands astatine 30%.
Sri Lanka not averse to utilizing Indian rupee arsenic communal currency: President Wickremesinghe
The island’s overseas reserves, which stood astatine $7 cardinal by the extremity of March, declined to $6.76 cardinal by the extremity of April, chiefly owed to precocious vigor costs caused by the West Asia conflict, according to cardinal slope data.
Most Asian currencies person travel nether unit successful caller sessions, weakening against the U.S. dollar amid rising lipid prices, geopolitical tensions and renewed request for safe-haven assets.
