MONETABRIEF – Sri Lanka Customs has reached its full year revenue target of 2,207 billion rupees had been reached by October 13, Deputy Commissioner Chandana Punchihewa said.
By October 12, Customs had collected 2,208 billion rupees.
In September Customs had collected 258.3 billion rupees in taxes, the highest for a single month, up from 219.5 billion in August.
In April and May the rupee collapsed by around 10 percent from last year and taxes on vehicles were raised further after the central bank printed money by monetizing the balance of payments and hitting the credit system with swaps liquidity.
Initially the currency collapse can boost revenues, or maintain revenues, with less goods being imported while living standards fall with the inflation generated by the central bank as less real goods are consumed.
Later the nominal revenues get consumed in higher state expenditure and subsidies
Capital expenditure has already started to go up as building materials – many of which are imported – respond fast to monetary debasement triggered by macro-economists.
Fuel subsidies are also being given – for the next three months, 41 billion rupees had been ear marked.
The central bank has suggested that the most vulnerable in society, who are the hardest hit as the central bank's 7 percent target is reached, be given subsidies. (Colombo/Oct14/2026)