Should government fail to issue dollars, imported milk powder will be sent back

(FASTNEWS | COLOMBO) – Stocks of imported milk powder stored in the port warehouses will be re exported should the government fail to issue dollars to settle the payments for their release, warned the milk powder importers. These importers accordingly have given the government an ultimatum that the milk powder stocks will be exported back to Bangladesh or Indonesia.

Pointing out that these milk powder stocks have been stalled in the port warehouses for more than three months since the arrival, the importers added that milk powder could deteriorate in any failure to release. Accordingly, the milk powder importers stressed that they have no other option but to export the stocks back before deterioration.

The Central Bank of Sri Lanka (CBSL) yesterday (29) released US$50 million to state banks to release essential items including food items stalled at the Port. Private banks, on the other hand, continue to restrict the issuance of dollar, putting the importers in a difficult position.

Despite the discussion held between the importers and the Ports Minister regarding the matter yesterday, no adequate solution was made. The issue has led to a severe shortage of milk powder in the market.