Rupee will hit 200 if S'pore FTA is on: JO

16 October 2018 07:29 pm - 15     - {{hitsCtrl.values.hits}}


The joint opposition (JO) said today the Sri Lanka rupee would hit 200 against the US Dollar by the end of this year if the Singapore FTA, which had enabled thousands of items to be imported without taxes, was still operative.

JO MP Bandula Gunawardana told a news conference that a gazette recently issued in relation to the Singapore FTA had allowed the import of close to 4,000 items without Customs duty.

“The President appointed an experts committee to look into the Singapore FTA but the committee is still to release its report. However, it is unknown whether this controversial gazette has been withdrawn,” he said.

The MP said the government's efforts at limiting imports to strengthen the rupee was futile as long as the New Trade Policy, which formulates FTAs including the Singapore FTA was still operative and pointed out that the New Trade Policy encouraged imports instead of reducing them.

“When this is the policy in writing, there is no point in limiting imports. Policy-based decisions should be taken to prevent excessive imports,” he said.

Meanwhile, he rejected government remarks that the local fuel prices had increased due to the increase of crude oil prices in the world market.

“This is not true. During the Rajapaksa government, crude oil prices were high and fuel prices were low. Today, the fuel prices are high though the crude oil prices are low. This is a result of depreciation of rupee and high taxes imposed on fuel,” he said.(Lahiru Pothmulla)

  Comments - 15

  • Saranga Tuesday, 16 October 2018 08:37 PM

    Sad storyJvp., JO and now UNP are all for trade control as opposed to free trade.Sad state of affairs.

    Don't talk economic with our knowing. Wednesday, 17 October 2018 08:52 AM

    Mr.tuition master based your finding on facts.

    abc Tuesday, 16 October 2018 08:45 PM


    Saman Tuesday, 16 October 2018 08:46 PM

    I am still trying to figure out how I am going to live one month from 2500 after spending 1600 for gas a cylinder, and 500 rupees for the phone bill. Did anyone figure it out?

    Dhammika Wednesday, 17 October 2018 08:16 AM

    YES , You buy the gas cylinder and pay the phone bill and is left with Rs.400 . Divide it by the number of days of the month will be left with only almost Rs. 32 per day for your food . EAT A FISH BUN and DRINK WATER FROM A ROAD SIDE TAP otherwise your own water bill has to be paid . That is how this tuition master wants the citizens to LIVE.

    Ghost Wednesday, 17 October 2018 08:40 AM

    You forgot Electricity and water my friend and then house rent, school fees, bus fare the list is endless. But Bandula the genius can!!!!!!!!!!!!!!

    seqi Wednesday, 17 October 2018 01:13 PM

    You have to borrow 100 rupees from next door

    Expat Wednesday, 17 October 2018 08:14 AM

    No wonder everybody wants go abroad to earn dollars. Best scrap SL Rs. And change SL currency to Dollars.

    ANTON Wednesday, 17 October 2018 08:14 AM


    Wise Donkey Wednesday, 17 October 2018 08:26 AM

    That's good a round figure! No change needed.

    Loose tongue Wednesday, 17 October 2018 08:43 AM

    Why are these buggers harping on this Singapore FTA? Even if the dollar goes up to 200 you guys are going to come and set things right? Hondata hiteevi!!!

    dulan Wednesday, 17 October 2018 08:44 AM

    Spin doctor no connection between FTA's and value of dollar

    ram Wednesday, 17 October 2018 08:57 AM

    Dr. don't worry we can survive with Rs.2500/= per month, we don't need to worry about currency devalue. you are here to advise how to survive with Rs.2500/=

    Islander Wednesday, 17 October 2018 09:10 AM

    Yes import some raw materials tax free, make goods and export them. Low production cost and higher sales value bringing in more revenue to the country thus stabilising the lkr against the usd. Idk why you lot are complaining

    sirisena Wednesday, 17 October 2018 10:24 AM

    He is introducing new fantastic theories on economics after getting his PHD. Thanks to his PHD

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