Sudden rise in gold imports: Bandula asks Prez to intervene

26 July 2018 10:35 am - 11     - {{hitsCtrl.values.hits}}

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The joint opposition said yesterday gold worth of USD 1,087 million had been imported in the recent past and that this was strange because the jewellery industry had not been developed in line with the colossal amount of gold imports.

JO MP Bandula Gunawardana said USD 650 million worth of gold had been imported in 2017, which was an increase of 73.7 per cent when compared with the previous year.

“During the first quarter of this year, a staggering USD 437 million had been spent on gold imports. This is an increase of 126 per cent when compared with last year. In total, USD 1,087 million worth of gold had been imported. If the government had saved this colossal sum, we could have almost settled the USD 1.4 billion loan obtained for the Hambantota Port. Although a large amount of gold has been imported, the industry has not been developed nor has Sri Lanka made any re-exports of gold. Several reports mention that gold is being smuggled in to India as well. President Maithripala Sirisena should pay attention to this and take immediate measures to prevent foreign exchange from being misused,” he said.(Lahiru Pothmulla)

  Comments - 11

  • Unchcikun Thursday, 26 July 2018 10:45 AM

    Mr. Tuition Master, when the economy is weak so is the currency. The best way to invest is Gold. The value of Gold dose not depreciate, what depreciates is the currencies. I am no economic nor a witch doctor.

    Thanos Thursday, 26 July 2018 10:49 AM

    Maybe because gold is considered a hedge against potential economic collapse. Gold and precious-metals will retain its value unlike our savings in the bank.

    max Thursday, 26 July 2018 10:50 AM

    Let Mr. President read that in tomorrow's newspapers first Bandula.

    S.P.Ramkumar Thursday, 26 July 2018 11:01 AM

    You can be a economic advisor to President, If any trader have proper license to import gold he or she can import. Why do you want to ask President to involve, do you want to support illegal trade

    Good economist Thursday, 26 July 2018 11:24 AM

    Why, this is simple - people are parking their excess money in gold. Further people smuggle in gold.

    Good economist Thursday, 26 July 2018 11:25 AM

    Why, this is simple - people are parking their excess money in gold. Further people smuggle in gold.

    Omar Thursday, 26 July 2018 11:34 AM

    is this idiot drunk, after 18th April 2018 not single gram of gold imported by a local importer due to 15% Customs duty, and also sales to foreign tourist are not recorded buy the central bank, and Mr. Bandula Sri Lankan Jewellery Industry has develop a lot in the past two years, and currently what ever gold available in market is smuggled gold

    fareed Thursday, 26 July 2018 11:50 AM

    So what is the problem if traders are prepared to pay the 15% duty. Srilanka should be made a gold hub where we can let Indians to come here to purchase gold instead of purchasing from Dubai, Singapore and Honk Kong.

    Dhammika Thursday, 26 July 2018 12:04 PM

    BANDU dont play PANDU ! .

    sun Thursday, 26 July 2018 12:22 PM

    before 2015 the gold imports was very much less but the smuggled in illegally was more. also LTTE gold was in stock by the tons

    Cobra Friday, 27 July 2018 08:38 AM

    Didn't it ever occur to this bloke to ask MR to intervene the sudden disappearance of the LTTE gold held in the Govt. coffers????


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