Importers and exporters have raised questions following the introduction of new regulations governing import-related foreign exchange payments. The government now says the measures are intended to improve monitoring and prevent abuse of the system rather than create barriers to trade.
Deputy Minister of Finance and Planning Dr. Anil Jayantha stated that the objective of the new gazette notification issued by the Department of Imports and Exports Control is not to restrict import or export activities.
Instead, he said the regulations are designed to strengthen oversight of import payments and reduce unnecessary foreign exchange outflows.
Focus on Monitoring Import Payments
Issuing a special statement, Dr. Anil Jayantha explained that the new framework will help authorities obtain complete information relating to import transactions.
Under the regulations, importers must provide details such as addresses, account information, payment currencies, and other transaction-related data.
Authorities believe the additional information will improve transparency and strengthen the monitoring of import-related remittances.
Concerns Over Misuse of Import Processes
According to the Deputy Minister, concerns emerged after information presented in Parliament indicated that certain parties had allegedly used fraudulent companies to transfer foreign exchange out of the country through import-export transactions.
As a result, the government decided to introduce tighter reporting and monitoring requirements.
Dr. Anil Jayantha said the measures are intended to identify unusual transactions and improve regulatory oversight without affecting legitimate trade activities.
New Requirements for Banks
The regulations also place new responsibilities on commercial banks.
Under the new framework, every bank must maintain a separate identification number for each import-related transaction.
This requirement is expected to create a clearer audit trail and improve the ability of authorities to track foreign exchange payments linked to imports.
Economic & Regulation Ministerial Update
Last modified: June 20, 2026
