Rs.353 Customs Rate vs Rs.328 CBSL Rate: How Import Duties Are Affected by Last Week’s FX Panic 🇱🇰

Rs.353 Customs Rate vs Rs.328 CBSL Rate: How Import Duties Are Affected by Last Week’s FX Panic 🇱🇰

⭕ Today’s CBSL USD selling rate has moved down to around Rs.328, reflecting the rupee’s recovery after last week’s FX panic.

⭕ However, for duty calculations, Sri Lanka Customs is still using Rs.353.17 as the exchange rate for CIF value this week.

⭕ This is because Customs does not update duty exchange rates daily according to the live CBSL or market rate.

⭕ Every Friday, Customs gazettes the exchange-rate schedule for the following week, based on that Friday’s CBSL rates. That rate then remains constant throughout the week. Last week’s rate was Rs.331.

⭕ As duty is calculated based on the Rs.353 rate, the rupee CIF value becomes higher, which will increase the duties payable. Therefore, some importers who can afford to wait may delay clearing their goods this week and lodge their Customs Declarations next week, expecting a lower duty amount.

⭕ The Customs rate should reset with the next Friday gazette.

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