[FILE PHOTO]Sri Lankan president Maithripala Sirisena
Sri Lanka announced a raft of restrictions Saturday in a bid to slow down imports of cars and luxury goods as the country faces a foreign exchange shortage.
The finance ministry banned the import of vehicles for all state institutions for one year and said public servants will not be allowed to import cars at concessionary duty rates for six months.
Banks were also ordered to restrict credit to finance the purchase of vehicles, air conditioners, perfumes, mobile phones and TV sets, among other luxury consumer goods.
The local currency has lost more than 10 percent of its value against the US dollar this year.
The dollar, which bought 155 rupees at the start of the year, has appreciated and was buying 170 rupees by Friday.
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