The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
After months of depleting US dollar reserves and denial of importers’ LCs amid the country’s dire foreign currency crisis, some Sri Lankan banks have managed to honour LCs.
Sri Lanka’s Power and Energy Minister has sought Cabinet approval for emergency purchases of coal, but importers have been informed by People’s Bank that it is not possible to open LCs.
As the country’s foreign exchange shortage worsens, regular suppliers of imports who previously extended credit terms are now insisting on confirmed LCs.
