Sri Lanka's central bank assures foreign currency for importing essential items

COLOMBO, May 31 (Xinhua) -- Sri Lanka's central bank has announced that it would ensure importers to have access to adequate foreign exchange through the banking sector to import essential items.

The announcement was made on Monday evening.

Central Bank Governor Nandalal Weerasinghe said that they are committed to ensuring that foreign exchange is available within the banking system for the importation of essential goods.

The governor said due to certain measures they took, foreign currency is increasingly being routed through the banks, which has increased foreign exchange liquidity conditions in the banking system.

The central bank is also working with trade associations and other stakeholders involved in importing essential goods to determine the stocks of goods available in the country and how much imports are needed every month.

Urging traders and the public to act responsibly under these challenging circumstances, the central bank said over-importation and stockpiling of essential goods by traders and over-purchasing by the consumers would be undesirable under these circumstances.

Sri Lanka has been facing crippling foreign currency shortages this year, which has affected the importing of essential items.