No major impact on trade and opening of LCs

Monday, 18 April 2022 01:29 - - {{hitsCtrl.values.hits}}

Frontier Research says that the temporary suspension of repayment of foreign debt will not have a major impact on external trade and opening of Letters of Credit.

“Since LCs are likely to be excluded from this exercise, this shouldn’t directly affect those payments being cleared, as long as the banking system can gather enough dollars to clear LCs as they come due. We have not seen downgrades to RD/SD having a direct impact on LCs in other countries. However, given the uncertainty about Sri Lanka and the future debt arrangement, it is possible that pre-payment is requested for imports in the near term,” Frontier Research said.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.