Given by the situation in Sri Lanka these days, NAP members offered us an update regarding daily operation, making payments, receiving payment in foreign currency.
NAP member Clark Spence stated
“ Clark Spence is part of the Aitken Spence Group and has no issues regarding paying or receiving Forex and can assure meeting commitments to partners and customers. The country is going through one of its most difficult times, however trade is moving as normal with some setbacks due to fuel shortage.
You may read more in the following market report and financial standing by Aitken Spence Group.
Famous Pacific Shipping Lanka (Pvt) Ltd. stated:
“There is USD currency deficit in Sri Lankan banks and as a result there are some delays in arranging
Payments. But our affiliated company is into to Sea martial services, vessel agency service, etc., which assists us getting in USD on regular basis in to the group. This is apart from the export activities we are currently handling for our agents & same we are paying most of the time in local currency. But when agent pays it we receive it in USD.
We use above methods to make our overseas agents with a minimal delay (2 weeks aprox). However we have are observing around 20 -25 % drop on locally consumption goods. But raw materials / goods are being imported for manufacturing finish goods have not been reduced. Due to local currency depreciation the price of imported goods have been increased. But the otherside of the coin, the exporters/suppliers are getting the benefit as now they are getting higher amount in local currency when they covert buyer’s payment to LKR. Exports volumes increasing slightly.
There are some talks going on with the government & IMF last week in Colombo to get financial assistance. According to the news received the same meeting ended up to positive signs.