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Wednesday June 29th, 2022

Sri Lanka to issue fuel ‘quotas’ in rationing plan: Minister

ECONOMYNEXT – Sri Lanka is planning to issue a fuel ‘quota’ from July 2022 after registering customers, Energy Minister Kanchana Ratwatte has said as forex shortages persisted after a failed float amid a surrender requirement.

Sri Lanka is facing long queues for petrol, diesel and liquefied petroleum gas, as the country’s suffers the worst currency crises in the history of the island’s 72 year old central bank.

“We have no choice but to register consumers at filling stations and give them a guaranteed weekly quota until we are able to strengthen the financial situation, restore 24 Hour Power and a steady Supply of fuel,” Minister Wijesekera said in a twitter.com message.

“I hope to have this system in place by the 1st week of July.”

Sri Lanka’s rupee fell steeply from 200 to 370 to the US dollar after an attempt was made to float the currency with a surrender requirement.

A float requires a full suspension of convertibility, but a surrender rule makes the regime a peg and pushes it down. (Colombo/June13/2022)

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