ECONOMYNEXT – Sri Lanka Ports Authority has waived 20 million US dollars of demurrage for importers who have been unable to clear goods in time due to delays in releasing foreign exchange from banks, Chairman Prasantha Jayamanna said.
Some importers who been denied foreign exchange for weeks on end and said demurrage charges have exceeded the value of the cargo in their container.
“We have approximately wavered off 20 million dollars in demurrage and have been sent for Ministry approval,” Jayamanna said.
President Gotabaya requested in January assist by waiving demurrage charges, he said.
Sri Lanka is suffering the worst currency crisis in the history of the island’s central bank which operates an intermediate exchange rate regime (soft-peg).
Forex shortages emerge and the currency collapses in an intermediate regime when money is printed driving up domestic demand which end up in the forex market as imports exceeding any inflows that come. (Colombo/June02/2022)
