Publication of two major newspapers closed, newsprint ended due to foreign exchange crisis

Sri Lanka is battling inflation and foreign exchange crisis these days. Another disaster struck the country when two major newspapers suspended their publication due to shortage of newsprint. Sri Lanka is battling inflation and foreign exchange crisis these days. Another disaster struck the country when two major newspapers each suspended their publication due to shortage of newsprint. Privately owned Upali newspaper said their English-language daily The Island and its Sinhalese edition, Deewana, would be available online only due to the paucity of newsprint.

Sri Lanka in its worst ever forex crisis

We regret to inform our readers that we have been forced to postpone the publication of The Island print edition on Saturday until further notice, Upali Newspapers Ltd said in a statement. Sri Lanka is facing its worst foreign exchange crisis ever after the pandemic hit the country's earnings from tourism and remittances. The import cost of newsprint has also increased significantly since the government's decision to issue the Sri Lankan rupee against the US dollar earlier this month. The Island newspaper, which has been in print since October 1981, will now function as an e-paper.

Petroleum prices skyrocketed

Petroleum prices have skyrocketed amid the country's foreign exchange crisis. A few days ago, such pictures came from Sri Lanka that people broke down at the petrol pump to buy petrol and the army had to be called to control the people. Thousands of people are waiting in queue for hours to buy oil. Police said that three elderly people standing in a queue to buy petrol have died on Saturday. The dollar crunch in the country has affected all sectors. Prices are skyrocketing with inflation at a record 17.5 per cent in February.