S.Lanka central bank allows import prepayment

SRI LANKA - The Central Bank of Sri Lanka on 20 August lifted restrictions on the prepayment of import bills introduced earlier this year to stabilise the foreign exchange market.

The regulation was designed mostly to prevent importers from booking their funds in advance to hedge against a depreciation of the rupee which plunged after it was floated in January.

"In view of the continued stability in the market, the Central Bank has now withdrawn this requirement," a statement said.

But it said b

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