ECONOMYNEXT – Sri Lanka President Ranil Wickremesighe has allowed pre-payment of up to 250,000 US dollars when importing plant seeds and fertilizer.
A gazette notice issued under Sri Lanka’s Import and Export Control Law has allowed maize, corn, bean and vegetable seeds to be pre-paid.
Magnesium Sulphate, Zinc sulphate, soil conditioners, urea, calcium nitrate, MOP, TSP, NPK soluble mixtures, some insecticides will also be allowed.
Sri Lanka has imposed import controls after an intermediate regime central bank printed money to mis-target interest rate for two years, triggering the worst currency crisis in its history.
The import control law itself was enacted in 1969 after money was printed for rural credit triggering forex shortages. Around the time dual exchange rates were also imposed. (Colombo/Oct10/2022)
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