Jul 29, 2018

Gold imports resulted in Rupee’s depreciation! Featured

The record depreciation of the Sri Lankan Rupee is blamed partly on the unrestricted importation of gold, according to ‘Deshaya.’

The Rupee stood at Rs. 160 per US dollar by the end of last month.

Central Bank sources say that gold worth 1,087 million USD had been imported in 2017 and in the first quarter of 2018.

Opposition MP Bandula Gunawardena has raised this matter in parliament.

Considerable foreign exchange had been spent on gold imports.

Despite an increase in gold prices in the world market, the local jewelry industry is facing a setback.

There is suspicion that part of the imported gold is smuggled into India or other neighbouring countries.