New dealers with links to black market dollar trade enter sugar imports

The Government has given permission to several essential commodity dealers with links to black market dollar trading to import sugar under the open account transactions which was highly restricted by the Central Bank, a Pettah traders association’s high ranking member disclosed.

This permission has been given by the Trade Ministry to these dealers who were not registered as sugar importers in the island without considering suppliers registered under the Indian Credit Line scheme to bring down sugar, they divulged.   

Central Bank Governor Dr. Nanadalal Weerasinghe has said that easing the open account transaction for certain essential commodity sectors due to some outside pressure may open the dollar trading in black market again.

At present some of the local essential commodity suppliers have been given an opportunity to import essential food items under the Indian credit line making use of the easing of open account transaction restrictions by issuing a gazette notification on June 17 under the signature of Prime Minister and Finance Minister Ranil Wickremasinghe.

This has opened the doors for some new politically influential commodity traders with connections to black market dollar dealers to enter into sugar importation taking advantage of loopholes in the open account restriction regulations. (Bandula)