Dollars continue to cut old debt!

According to sources in the Ministry of Finance, most of the limited foreign assets received by the government on a monthly basis after the suspension of foreign loan repayments will be utilized to settle arrears in letters of credit (L.C) opened by state banks.

It is also stated that these letters of credit have been opened by the major state banks in the recent past for the importation of essential commodities such as fuel, gas and food items.

The Ministry of Finance states that the country receives a limited amount of dollars per month even though it does not receive the expected amount of foreign exchange from the export sector, foreign employment earners and the tourism sector.