IMF advises SL to float its currency

21 June 2018 08:54 am - 26     - {{hitsCtrl.values.hits}}

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The International Monetary Fund (IMF) has called upon the Central Bank of Sri Lanka (CBSL) to allow the exchange rate of the local currency to float.

The exchange rate of the Sri Lankan Rupee should be the first line of defense, according to the IMF.

The IMF recently approved the disbursement of around $252 million, bringing the total disbursements under a three-year extended agreement to the equivalent of SDR 715.23 million ($1.014 billion), of a total of $1.5 billion.

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  Comments - 26

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  • sach Thursday, 21 June 2018 09:02 AM

    Dont do it

    SENA Thursday, 21 June 2018 11:27 AM

    why did you borrow ?

    Januka Thursday, 21 June 2018 11:49 AM

    ok

    Jagath Leanage Thursday, 21 June 2018 09:06 AM

    imf is floating , srilankans are drowning .

    ANTON Thursday, 21 June 2018 09:08 AM

    FLOAT ......... BUT DON'T SINK.

    Vila Thursday, 21 June 2018 09:22 AM

    Well we Will be landing in Zimbabwe airport very SOON Thereafter, require a dictator to curb public uprisings under yahapalanaya.

    Shehan Thursday, 21 June 2018 10:06 AM

    Please don't do it. Another Soon Dollar will rise up to 200. Zimbabwe style messed up.

    sach Thursday, 21 June 2018 10:37 AM

    This gov take advice from IMF on economy....advice from USA, UN and Norway (our no.1 enemy)on reconciliation.....and wonder why it is ruined.

    Unchikun Thursday, 21 June 2018 10:40 AM

    It was interesting reading the comments. In a global economy the currency need to be floated and need to stabilize. You can not expect to get a dollar (or any hard currenc) in exchange for an old news paper.

    Nuwan Thursday, 21 June 2018 11:47 AM

    No it doesn't. floating is one thing but the stabilisation is not going to happen. In an import economy without tight control the demand for dollars shall rise. Rupee will sink.

    Lord Wolfstein Thursday, 21 June 2018 10:57 AM

    That would be absolutely right. Only then can the true value of the rupee be determined on the world market. This can only be good for the trade.

    S.P.Ramkumar Thursday, 21 June 2018 11:01 AM

    It is good advice rather than making artificial. Creating export oriented agricultural producing, in bound tourism with safety, encourage FDI are only way to keep LKR firmly

    Economist Thursday, 21 June 2018 11:01 AM

    Its easy to say don't float it, but where are the dollars we need to stop it from depreciating? Sri Lanka imports too much, we need to reduce imports in order for the exchange rate to stablise. Also the central bank needs to increase interest rates. You can't keep burning dollars to prop up the currency.

    observer Thursday, 21 June 2018 06:46 PM

    Very true.Our imports are unbelievable and exports are at minimum. Our production cost is high when exported.

    Rasheed Thursday, 21 June 2018 11:04 AM

    We should praise MR for keeping the US$ below 135/- throughout his regime, he never listened to IMF.

    BuffaloaCitizen Thursday, 21 June 2018 11:10 AM

    That is why our economy is in doldrums due to his short sighted incompetent actions.

    wickremasinghe Thursday, 21 June 2018 04:34 PM

    You have got the correct name man.

    Premalal Thursday, 21 June 2018 11:37 AM

    It is unbelievable how the IMF misses the wood for the tree. Floating the currency is good economics but ignoring the main reason for the country's ills which is uncontrolled state expenditure and corruption is beyond belief. When the currency is floated without plugging the leaks spells disaster.

    Roy Thursday, 21 June 2018 03:25 PM

    Imagine the money spent on politicians vehicles.This alone would amount to thumping sum and how about their foreign trips. Politicians are servents of the country. They don’t deserve perks.

    V v laki Thursday, 21 June 2018 03:46 PM

    These advises are extracted from old economic books somewhere in IMF library. These theories don't work in any country in isolation. U have to managed it to suit individual country and situations coupled with other measures. I think that's what MR did, whether we like it or not.

    Ash Thursday, 21 June 2018 05:35 PM

    Appoint Nivard Cabraal as advisor to CB

    Kathirgaman Thursday, 21 June 2018 05:36 PM

    rupees will bé further going down when WE borrowMoreFocus should ne on tea and rubber exportations

    Gayan Thursday, 21 June 2018 07:51 PM

    People are also floting in air till next election.

    jolly land Thursday, 21 June 2018 09:12 PM

    But will they be in favour of a HITLER ?

    Harini Friday, 22 June 2018 08:45 AM

    We tried to change Hitler. Now we are starving and paying for the greed of the yahapaalanaya fiasco. Either way, we are sunk. Hilter kills in one shot. The others starve and kill us slowly and ruins the economy forever.

    Asf Friday, 22 June 2018 11:41 AM

    Our government can follow the advise of IMF but we , the citizens have to face the consequences of this. The only thing government do is ti promote exports and limit the imports.


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