Sri Lanka should learn to manage its economy with the country’s limited foreign exchange reserves, said Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka (CBSL), on Friday.
In response to the CBSL Governor’s decision to impose a temporary suspension on over 300 essentials, he stated that the choice is between purchasing gas and fuel for basic necessities and purchasing a television, refrigerator, or car, which are purchases that can be postponed.
The amount spent on those necessities, on the other hand, could benefit many citizens, especially during the current economic crisis, according to the CBSL Governor.
He went on to acknowledge the Finance Ministry’s temporary suspension of importation of over 300 items, emphasising that the move could have an impact on businesses.
The CBSL Governor stated that what is important is that the existing limited resources are used in a way that benefits everyone, and that the temporary import suspension will be lifted once the situation returns to normalcy.
In light of the country’s current economic situation, the Finance Ministry recently imposed a “temporary suspension” on the importation of 300+ non-essential goods.