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* Sri Lanka to suspend issuing LCs for food commodities as country is self sufficient
Mon, Feb 10, 2014, 11:05 am SL Time, ColomboPage News Desk, Sri Lanka.

Feb 10, Colombo: The Secretary of the Ministry of Finance Dr. P.B. Jayasundara has requested the chiefs of the state banks to refrain from issuing Letters of Credit to import a number of food commodities as the country has become self-sufficient of those items.

Sri Lanka has become self-sufficient in several commodities including rice, maize, phaseolus max, potatoes, dried chilies and big onions etc.

Dr. Jayasundara said the country was spending about US$ 150 million per year for the import of these food commodities, an amount of foreign exchange which could be saved.

The senior public official expressed these views addressing a seminar held in the Central Bank of Sri Lanka on February 07th with the participation of the senior management of the state banks.

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