The Free Lawyers’ Association has expressed serious concern over the foreign exchange rate currently being used by the Sri Lanka Customs for import-related transactions.
In a statement issued today (26), the organization noted that the Customs Department, through a gazette notification, has decided to calculate customs transactions conducted between May 25 and May 29, 2026 at an exchange rate of:
- Rs. 351.17 per US dollar
According to the organization, this rate is significantly higher than the prevailing market exchange rate currently published by:
- Central Bank of Sri Lanka
- Commercial banks operating in Sri Lanka
The organization argued that it is contradictory for Sri Lanka Customs — one of the government’s largest revenue-generating institutions — to continue using a higher exchange rate for imports while the Central Bank is simultaneously intervening in the foreign exchange market to stabilize and reduce the value of the US dollar.
The statement further warned that:
- Import costs could rise directly as a result of the higher customs exchange rate
- Prices of imported goods may increase
- The ultimate financial burden would fall on consumers
The Free Lawyers’ Association therefore urged the Central Bank to:
- Immediately revise the customs exchange rate
- Align it with prevailing market exchange rates used within the banking sector
The statement was signed by:
- Maithri Gunaratne, Convener of the organization
- Rajith Keerthi Tennakoon, Chief Executive Officer of the organization
The issue comes amid ongoing volatility in the Sri Lankan rupee, rising import costs, and broader concerns regarding inflation and foreign exchange management.
