Tough action against traders exploiting rupee depreciation: Wasantha Samarasinghe

Colombo, May 25 (Daily Mirror) - The Consumer Affairs Authority (CAA) will crack down on traders who unreasonably hike the prices of essential goods to profit from the fluctuating market, Minister of Trade Wasantha Samarasinghe said.

The Minister told reporters that importers carry a distinct responsibility to conduct business fairly without exploiting the current economic pressures for undue advantage.

He said the US Dollar has gone up by Rs. 20 to Rs. 25 within the last 5 to 7 days and that the increase of the Dollar had not affected the importers of potatoes and big onions.

The Minister said while the Food Policy and Security Committee is taking action to make available essential goods in the market, the Consumer Affairs Authority will take action against errant traders.

He said action taken by the government to control depreciation of the rupee such as imposing surcharge on vehicle imports have yielded positive results where the rupee has begun to appreciate against the US dollar.

The Minister said the government is considering taking new decisions on export proceed conversion adding that it is important that exporters convert their foreign exchange earnings to Sri Lankan rupees considering the current situation.

He said exporters are given three months period to convert their export proceeds to Sri Lankan rupees at present.

The Minister expressed confidence that increasing prices of goods could be controlled with successful efforts to prevent further depreciation of the rupee.