Thursday May 28, 2026
Thursday May 28, 2026
Wednesday, 27 May 2026 00:21 - - {{hitsCtrl.values.hits}}
Making a volatile situation worse, Sri Lanka Customs has maintained the USD exchange rate used for import valuations at Rs. 351.17 for transactions between 25 and 29 May, according to a Customs circular seen by Daily FT, despite the rupee recovering in the interbank market since last Friday.
The rate, published through an official Customs notice, comes after the Central Bank of Sri Lanka said conditions in the foreign exchange market had stabilised following measures taken late last week to restore interbank liquidity and curb panic-driven distortions.
The Free Lawyers Organisation yesterday questioned why Customs continued to apply a higher exchange rate for import-related transactions than prevailing market rates indicated by commercial banks and the interbank market.
In a statement, the organisation alleged that while the CBSL was attempting to stabilise the currency through market operations and monetary tightening, Customs, one of the Government’s largest revenue collecting agencies, continued to calculate import valuations using a significantly higher exchange rate.
The organisation warned that the higher Customs valuation rate could raise import costs and eventually feed through to consumer prices.
President’s Counsel Maithri Gunaratne and the organisation’s Chief Executive Officer Rajith Keerthi Tennakoon called on the CBSL to align the Customs exchange rate with prevailing market exchange rates.
Sri Lanka Customs periodically issues exchange rates for import valuation and duty calculation purposes, which do not always move in line with daily interbank market fluctuations.
