Sri Lanka seizes staple stocks to rein in prices; says no food shortage

Colombo: Sri Lanka's government has started seizing stocks of sugar and rice from warehouses and will release them on the open market at regulated prices from Thursday as part of emergency measures to stop hoarding, a senior minister said.

The government announced emergency regulations on Monday empowering authorities to seize stocks of staples and sell them at guaranteed prices, or based on customs value of imported goods, to prevent market irregularities causing inconvenience for consumers, it said. State Minister for Coperative Services Lasantha Alagiyawanna told the media on Wednesday the government would from Thursday set maximum retail prices for rice and sugar.