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Thursday September 29th, 2022

Sri Lanka railways seek forex from scrap metal amid currency crisis

ECONOMYNEXT – Sri Lanka Railways will call an international tender to sell scrap steel rails to earn foreign exchange amid a currency crisis, Transport Minister Bandula Gunawardana said.

“Due to the foreign exchange crisis, I have instructed scrap metal to be sold for dollars through an international tender,” Gunawardana told parliament.

“We are collecting old rails and other metal scrap to sell.”

Sri Lanka is in the grip of the worst currency crisis in the history of its intermediate regime central bank after printing money for two years suppress interest rates.

State railway system was also short of rails but was unable to import rails. Some rails removed from a track north of Anuradhapura could be used, he said.

On the southern line due to dilapidated tracks trains were running at 20 kilometres an hour and were also de-railing, he said. (Colombo/Sept22/2022)

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