Sri Lanka must manage existing resources: Central Bank Governor

Sri Lanka, a country of 22 million people, is under the grip of unprecedented economic turmoil, the worst in seven decades

Sri Lanka should learn to manage its economy with the limited foreign exchange reserves, Governor of the country’s Central Bank Nandalal Weerasinghe has said, as the island nation grapples with an unprecedented economic crisis.

Mr. Weerasinghe also commented on the finance ministry’s recently imposed temporary suspension on the importation of over 300 nonessential goods in view of the country's current economic situation.

Sri Lankan government on Wednesday slapped a ban on the import of 300 consumer items like chocolates, perfumes and shampoos as part of the cash-strapped island nation’s bid to tackle its foreign exchange woes.

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, he said on Friday.

The governor said if the amount incurred to purchase those nonessentials was diverted to purchase essentials that could benefit many citizens, especially during the current economic crisis, newsfirst.lk website reported.

Mr. Weerasinghe said what was important was to use the existing limited resources in a way that benefits all, and the temporary import suspension would be lifted once the situation returns to normal, the report said.

Sri Lanka, a country of 22 million people, is under the grip of unprecedented economic turmoil, the worst in seven decades. The crisis has that has left millions struggling to buy food, medicine, fuel and other essentials.