Government's attention on a move to work from home again

The government is paying special attention to managing the financial risks that have arisen due to the severe economic crisis and the rapid depreciation of the local rupee against the US dollar. Accordingly, it is reported that steps are being taken to reintroduce the 'Work from Home' method for employees in both the public and private sectors.

The final decision regarding the re-implementation of this process, which was successfully carried out during the previous COVID-19 pandemic period, is expected to be officially announced within the next few days. The primary objective of this decision is to control the high consumption of fuel, including diesel, in the country and reduce the national fuel demand.

According to recent fluctuations in the foreign exchange market, the buying price of a US dollar has been reported as Rs. 342.63 and the selling price as Rs. 354.03. Governor of the Central Bank of Sri Lanka, Dr. Nandalal Weerasinghe, had previously stated that the Central Bank would make necessary interventions to prevent further depreciation of the rupee. The government points out that the current economic pressure is directly impacted by the war situation in the Middle East, which has caused a rise in world market oil prices, severely affecting domestic fuel import costs.

According to data from the Ceylon Petroleum Corporation, over one billion US dollars have been spent on fuel imports to the country in just the first four months of this year. Additionally, it has been revealed that since the relaxation of vehicle import restrictions in February last year, approximately another two billion US dollars have left the country solely for vehicle imports.

According to Mr. D.J. Rajakaruna, Chairman of the Ceylon Petroleum Corporation, the corporation had to pay 522 million US dollars solely for the fuel stocks imported in April. Previously, during normal periods, the country's monthly fuel cost was between 100 and 110 million US dollars, but currently, it has surpassed the 500 million US dollar mark. The Chairman further emphasized that while the country's fuel supply can be maintained without interruption at this moment, the high prices in the international market have become an unbearable burden for an import-dependent economy like Sri Lanka.