An Apple iPhone 12 Pro Max was priced at Rs. 500,000 on online shopping platforms after the new import restrictions announced by the Central Bank Sri Lanka yesterday.

The Central Bank Monetary Board decided to impose a 100% cash margin deposit requirement against the importation of a number of selected non-essential/non-urgent goods.

Mobile phones and digital devices were listed as non-essential items on the list resulting in an overnight increase in their prices.

Traders have expressed fears that the revisions will wipe out small and mid-scale importers from the market, creating a severe shortage of these items in Sri Lanka.