Central Bank is purposely undermining Sri Lankan ruppe!

[ibnanv]

Sri Lankan Central bank is purposly undermining Sri Lankan Rupee

Every sunday rupee goes back to the original price. Central bank if it wants to buy dollars to put in reserves it should try to computerize its purchases according to excess dollar coming from abroad from foreign worker remitance times.This would ease the preasure on Sri Lankan ruppes. They should also move to slow down import of Vehicals into this country if it wants to create a stable economy. Ask them to show dollars instead of rupees to import vehicles. This would make it harder to import.

Stop duty free permits for at least 2 years. Sri Lanka should have a strong rupee if it wants to develop.To import raw meterial for builidings , it also has a oil ,gas ,coal import bill which gives a swipe at FOREX. Weak rupee will undermine poor and middle class people hard.It will affect the country as a whole. Look at Singapore,Hong Kong, South Korea,Dubai,etc. They never undermined their currency and dignity against US dollar for Develpment.

 

[nikdw]

instead of that people want to send more and more dollars nobody encourage to bring dollars. Government has tax free duration for those people who bring dollars but no idea how long it will be there

 

[vinura kithmal]

instead of that people want to send more and more dollars nobody encourage to bring dollars. Government has tax free duration for those people who bring dollars but no idea how long it will be there

Exactly
Simply the purpose is to encourage exports n discourage imports
I personally don't see any fault,there are but still
Of course cbsl can fix the rate
But that'll cause such big problems than this variable rate

 

[cuteoz]

from 2010-2014 mid. The rupee was fixed at 114.00 with an hard peg. then the peg was removed in 2014 and then it became a soft peg at 129. less than 2 years later we are at 155.

This is ridiculous for the economy to be at stake. the INR/PKR/BDT (bangladesh taka) even Myanmar Kyats have been pretty stable and the devalue of their currency takes a few years, in Sri Lanka it's a different story our currency has been falling since the establishment of the rupee. while considering other major pairs like the GBP/JPY/AUS and even some 3rd world countries like India and Pakistan even through their currency had devalued against the US, it has gained (ex: indian rupee from 66 INR per Dollar to 63 INR.)

 

[nikdw]

Most people are arguing here each other criticizing each other but no idea about this. some people think that Sri Lanka has money to develop but politician do not do that. but The real truth is they don't handle money wisely and everything depend on debt and people's tax.

 

[nikdw]

watch this video to see how they have destroyed the country

https://www.facebook.com/msk.drama/videos/823374994520276/