Sri Lanka must manage existing resources: CBSL Governor

COLOMBO (News 1st); Sri Lanka should learn to manage its economy with the limited amount of foreign exchange in the country, says the Governor of the Central Bank of Sri Lanka (CBSL), Dr. Nandalal Weerasinghe on Friday (26).

The CBSL Governor commenting on imposing a temporary suspension on over 300 nonessentials, pointed out that the decision is between whether the people want to purchase gas and fuel required for basic essentials, or whether one wants to purchase a television, a refrigerator or a car, which are purchases that can be postponed. 

However, if the amount incurred to purchase those nonessentials was diverted to purchase essentials that could benefit many citizens, especially during the current economic crisis, the CBSL Governor stated. 

He went onto acknowledge the suspension of importation of over 300 items by the Finance Ministry, emphasizing that it is only temporary, yet the move could, indeed impact businesses. 

The CBSL Governor said that what is important is to use the existing limited resources in a way which benefits all, and the temporary import suspension would be lifted once the situation returns to normalcy.

The Finance Ministry recently imposed a 'temporary suspension' on importation of 300+ nonessential goods, in view of the country's current economic situation.