US$157.5 mn released within four days to stabilize rupee: Bandula

2 October 2018 09:02 pm - 14     - {{hitsCtrl.values.hits}}

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The Central Bank has released US$157.7 million to the market within four days to stabilise the rupee which stands at Rs.170 against the US dollar, joint opposition (JO) MP Bandula Gunawardana today said.

When the IMF is releasing US$169 million to Sri Lanka as loans, he said the evaporation of US$157.5 million to stabilise the rupee would only result in a further increase in the cost of living.

“This move may lead to a price increase of essential items and services such as fuel and bus fares. The rapid depreciation of the rupee is the result of the fiscal mismanagement by the government and there is no point in blaming the Rajapaksa government,” he told a news briefing.

Meanwhile, he said the President had invited him to attend a special discussion on the current state of economic affairs but said he was unable to take part because he had not received the consent of JO party leaders.

He said both the economic affairs meeting and the JO party leaders meeting were scheduled at the same time on Tuesday night.

“I cannot attend the discussion on economic affairs without the consent of former president Mahinda Rajapaksa and the other party leaders,” he told a news briefing. (Lahiru Pothmulla)

 

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  Comments - 14

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  • Ceylon Tuesday, 02 October 2018 09:13 PM

    lovely,this is the the right man to offer financial advice.few years ago he said rp 2500 story still people remember.

    Jaliya Tuesday, 02 October 2018 09:15 PM

    President had invited him to attend a special discussion on the current state of economic affairs .... He said. How pathetic is the president and this shows us that his knowledge is zero on economics, presidents attempt to receive advise from another person who knows little to nothing on the subject. This is how we got here ... in to a great bowl of worms.

    seqi Tuesday, 02 October 2018 09:21 PM

    ... won't get approval unless you ask for it...bozo

    Sofia Tuesday, 02 October 2018 09:27 PM

    If you had 5 percent of honesty, you will not say that depreciation of the rupee is only because of the result of the fiscal mismanagement by the government but over 90 percent is due to worldwide ramifications and constraints beyond the control of the government.

    Jaya Tuesday, 02 October 2018 09:28 PM

    We know politicians are the only expert in economics. Why don't you try to sell their brains before die.

    Econ Guru Tuesday, 02 October 2018 09:37 PM

    Hello Mr Tution master, How many billions of $ did Mr Cabaraal release? Don't try to play Baba roles after your govt shat on the national economy

    Shelly Tuesday, 02 October 2018 10:34 PM

    Mr Bandula, let us know what is the salary u get and other benefits you are getting , pension when you retire , vehicle you use , public want to know.? Every citizen must keep on asking this question from all the Ministers and members of Parliament, after all we are the ones who elected them . Come on Citizens ask these questions ? Demand from all of them

    Sumal Tuesday, 02 October 2018 10:43 PM

    So called economist who advised families to live under 3500/- per month

    Stan Wednesday, 03 October 2018 05:38 AM

    hmmm, right. you guys didn't release money into the economy but into your offshore bank accounts

    Dinesh Wednesday, 03 October 2018 05:41 AM

    You govt did the same in 2012.check what happened to $ 4.1 billion $ spend, yet currency fell 14% in 2012

    BORU EPA TUTION MASTER Wednesday, 03 October 2018 05:50 AM

    This is a well KNOWN acolyte of the CONFUSING MASTER MR. This rascal must know thaT WE ARE PAYING A HEAVY PRICE FOR THEIR RULE..Watch the Sri Lankan Airlines Commission proceedingsBANDULA G and the answer is there No way the JO again ideally a new set of rulers.

    Dhammika Wednesday, 03 October 2018 06:11 AM

    Mr. 2500 DONT give tuition to people , under MR pumped millions to stabilize the rupee . When JOkers do wrong and the same done by now is also WRONG . Just because JOkers do it DONT think people are CLOWNS .

    Karu Wednesday, 03 October 2018 07:26 AM

    Sri Lanka did not face such financial crises even during the war. The management of the economy after the war is the reason. We borrowed heavily for infrastructure and unproductive projects. Inward oriented service economy like tourism creates jobs but they are insufficient to sustain the economy. Nearly a million of our workforce associated with three wheelers don't pay taxes.

    Ranjith Wednesday, 03 October 2018 08:14 AM

    People , before you blame the tution master turned financial advisor who made millions in many ways, ask what the incumbent Prime Minister is doing about the misappropriation of Rajapakse clan's billions. Shortly before and after the last election victory a lot of accusations but now fizzled out to nothing. We are fed up with the rhetorics of the politicians.


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