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Open Account for Essential Imports

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The Minister of Trade, Commerce, and Food Security announced that imports of essential items through the open account system are once again permitted.


According to Minister Nalin Fernando, this scheme allows for the importation of ten essential items.
Nihal Seneviratne, spokesman for the Association of Importers of Essential Commodities, stated that essential commodities such as potatoes and onions will be brought into Sri Lanka via the open account system.


A sale with an open account is one in which the goods are shipped and delivered before payment is due.
This is the most advantageous option for the importer in terms of cash flow and cost, but it is also the riskiest option for an exporter.


Previously, the open account system allowed for the importation of goods, but it was temporarily suspended on May 6th.

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