State Minister of Finance Ranjith Siyambalapitiya states that the manufacturers have agreed to reduce the prices of locally-manufactured schoolbags and school shoes with effect from July 15.
Accordingly, the prices of locally-manufactured schoolbags and school shoes will be reduced by 10%, State Minister Siyambalapitiya said.
The price slash comes in response to a request made by the minister to provide the benefit of the price drop of the raw materials relative to the appreciation of the Sri Lankan Rupee, the Minister mentioned.
Furthermore, the state minister emphasized that the prices of schoolbags and school shoes are expected to go down by Rs. 350 – Rs. 450.
He also mentioned that discussions regarding further price reductions would be held with the manufacturers based on the prevailing market conditions and the foreign exchange rate of the US dollar.
