The Opposition claims the present government is unable to provide essential goods and services to the public at present.
Parliamentarian Patali Champika Ranawaka said there is a high possibility of a black market emerging in the country as a result of the deposit rate to obtain Letters of Credit to import 623 non-essential goods being increased by the Central Bank of Sri Lanka.
The MP added that it highlights the government’s failure.
MP Ranawaka stated mobile phones and branded clothes have become normal commodities, adding the government has shown that it is unable to provide such essential goods and services to the people.
MP Patali Champika Ranawaka said small and medium scale entrepreneurs and the public are facing a serious crisis as a result of the deposit rate for 623 non-essential goods being increased.
He noted a large group of small and medium scale entrepreneurs had imported goods by depositing 10 percent and opening Letters of Credit, and honoured the debt after selling the goods.
The MP stated the issuance of Letters of Credit to import goods, and the credit basis is a powerful and unique feature of the market system.
He added an individual can purchase goods worth Rs.1,000, while only having Rs.100.
MP Ranawaka said through the latest decision only few affluent entrepreneurs will be able to make deposits and import goods.
He stated they will also add interest to the goods, increasing the rates.
The MP said accordingly small and medium scale entrepreneurs will be wiped out of the market while several large scale entrepreneurs will take over the businesses, and the goods will have excessive rates.