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Sri Lanka’s CPC debt 4.2% of GDP by July 2021, loses LKR 61.8 BN

Sri Lanka’s state-run Ceylon Petroleum Corporation hit by price controls and forex shortages from call money rate targeting has racked up debt of 707.5 billion rupees by July 2021, official data showed. CPC had imported 18.4 million barrels of crude and refined products up to July at a cost of 253.6 billion rupees, a Finance Ministry report said. Cost of sales had risen 17 percent to 315.8 billion rupees up July 2021 up from 268 .22 billion rupees last year.

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