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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Sri Lanka issues emergency food regulations as prices go up, rupee weakens Monday August 30, 2021 11:53 pm

Sri Lanka issues emergency food regulations as prices go up, rupee weakens Monday August 30, 2021 11:53 pm

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CITIZEN

CITIZEN
Manager - Equity Analytics
Manager - Equity Analytics

ECONOMYNEXT – Sri Lanka’s President Gotabaya has issued emergency regulations under Public Security Ordinance and appointed a Major General to oversee food distribution as prices of goods went up and the rupee fell in the wake of dysfunctional bond auctions and money printing.
“President Gotabaya Rajapaksa has promulgated emergecy regulations under the Public Security Ordnance on the supply of essential goods from midnight today,” his spokesman Kingley Ratnayake said in a twitter.com message.
The regulations are issued to give powers to officials to ensure that essential items including, paddy, rice and sugar are sold at government mandated prices or prices based on import costs at Customs and prevent hiding of stocks, he said.
It will also allow state banks that had given credit to import goods to recover their loans, he said.
To co-ordinate the distribution of food, Major General M D S P Nivunhella had been appointed Commissioner General of Inland Revenue, he sid.
The regulations came as a 50 billion rupees bond auction failed to draw buyers due to controlled ceiling yields and 92 percent of the offer was unsold.
Related
Sri Lanka fails to sell 92-pct of bond auction
Sri Lanka fails to sell 33-pct of Treasuries with overnight rate hiked before 12-month ceiling
Sri Lanka rupee falls to 222/223 to US dollar at most banks
On Friday 12 billion rupees was printed after last Wednesday’s Treasury bill action failed to sell all offered bills.
However on September 01, a 2 percent hike in reserve ratio will absorb some of the liquidity from failed auctions.
State Minister for Marketing and Consumer Protection Lasantha Algiyawanna said rice and sugar had gone up more than any other commodity and it cannot only be blamed on international prices and the fall of the rupee.
Sri Lanka has also banned the import of rice, creating further supply shortfalls. But international rice and sugar prices have also risen in a so-called Powell Bubble, as the Federal Reserve printed money and drove commodity prices up.

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