Jan 29, 2022

Cabraal undertakes task of finding dollars for fuel! Featured

The Central Bank of Sri Lanka has taken on the responsibility of finding the required dollars for fuel imports in the face of the existing dollar crisis.

The Governor of the Central Bank Ajith Nivard Cabraal has informed President Gotabaya Rajapaksa that the Central Bank of Sri Lanka will accept this responsibility.

The announcement was made by the Governor of the Central Bank at a meeting chaired by President Gotabhaya Rajapaksa at the Presidential Secretariat on the fuel crisis.

During the discussion, the Governor of the Central Bank requested the Ceylon Petroleum Corporation to inform them in advance of the amount of dollars required for this purpose.

Although it was initially planned to impose power cuts on a daily basis in the face of the fuel crisis, it is reported that the decision was reversed on the promise given by the Central Bank.

The corporation needs about $ 400 million a month to import fuel for industry and transportation, and another $ 50 million to supply diesel and furnace oil for electricity, Energy Minister Udaya Gammanpila said in a statement.

Accordingly, fuel imports require around US $ 450 million a month, which is 45 percent of the monthly export earnings, the Minister said.

The Minister also informed the Cabinet through a proposal that since it is a national crime to spend so much of the export revenue on fuel, alternative measures should be taken immediately to reduce fuel consumption.