Dollar liquidity situation seen improving
The country’s dollar liquidity which was under extreme stress is seen to be improving, economists say.
The backlog of letters of credit in banks being cleared has contributed to the boost in dollars in these institutions, Murtaza Jafferjee, CEO JB Stockbrokers said. “The dollar demand magnified during the past few months due to payments for the current imports as well as for those imports needed for the next six months. Now, most of the payments have been made and the incoming dollars are being reserved.”
However, companies; especially in the exports industry are still struggling trying to manage their dollar incomes. “We simply cannot manage with the foreign exchange income the company gets. A considerable amount of the foreign exchange is used to purchase diesel to run the company,” Mahendra Jayasekara, Managing Director Lanka Tiles PLC, said.
He added that recently from the YMBA of which he is the president, a fund was established for those living abroad to send money to the country supporting food, agriculture, essential medicines through state hospitals and education. “We applied to the Central Bank recently to open a foreign currency account for this fund so that the diaspora can remit money, but it is still not approved.” He added that the regulator should give incentives to attract digital freelancers and create a special scheme for them to bring in and send dollars out. “When we met the Central Bank recently, they wanted a proposal from these freelancers but instead, the regulator should give them a proposal and facilitate them. There should be an attitudinal change in the central bank and the official should leave from Singapore on how they attract digital nomads.”
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