Panicked Sri Lanka importers had bought forward dollars at up to Rs380-400: CB Governor
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Customs Dollar Rate Controversy Sparks Fresh Sri Lanka Import Crisis - LNW Lanka News Web
By: Staff Writer May 28, Colombo (LNW): Sri Lanka’s fragile economic recovery is facing renewed turbulence amid growing allegations that Sri Lanka Customs is artificially inflating the value of the US dollar for import-related transactions, triggering higher costs for businesses and consumers already struggling under severe economic pressure. According to an official Customs circular, the department continued to apply an exchange rate of Rs. 351…
Although the Sri Lankan rupee is stabilizing in the domestic foreign exchange market, serious allegations are being made by the import sector that Sri Lanka Customs is using an artificially inflated US dollar exchange rate for import valuation purposes.
Panicked Sri Lanka importers had bought forward dollars at up to Rs380-400: CB Governor
ECONOMYNEXT – Panicked importers had bought dollars at prices as high as 380 to 400 especially in the forward market in the recent period of uncertainty in the forex markets, Central Bank Governor Nandalal Weerasinghe said. Amid a hamstrung or non-functioning interbank market, a parallel exchange rate had emerged in Sri Lanka where banks were selling dollars to customers at a rate de-linked from the interbank market through internal matching. “W…
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