It’s unhealthy to release huge amounts of dollars: Bandula

3 September 2019 08:15 pm - 12     - {{hitsCtrl.values.hits}}

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The government’s decision to release a huge amount of dollars to artificially stabilise the rupee value will result in grave financial repercussions, the Opposition MP Bandula Gunawardena said today.

He told a news conference that for this purpose the government had released US$75 million since August 20.

The MP said one of the main reasons for the devaluation of the rupee was that of foreign investors pulling out their investments from bonds because of the lack of trust in fiscal policies.

“The move to release a huge amount of dollars will gravely affect the people as it will increase the inflation, increase prices of imported goods and put pressure on the balance of payments,” he said.

The MP said the government failed to fulfil two key responsibilities which should be fulfilled by any government in the world. “It failed to establish national security and protect the rupee value,” he said and added that the decision of the Central Bank's Monetary Board to reduce two of its policy rates on August 23 resulting in the devaluation of the rupee because the investors pulled out their investments.

“When the policy rates are changed artificially, investors lose faith in the monetary system. The Central Bank has a responsibility to clarify these matters,” the MP said.  (Lahiru Pothmulla)

 

Video by Susantha

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  Comments - 12

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  • Chux Tuesday, 03 September 2019 08:30 PM

    Because of your shameful economics during your era people are compensations

    Baila Bandu Tuesday, 03 September 2019 08:36 PM

    Stupid . You did the same when you were in power . What a humbug this man is.

    Mahila M Wednesday, 04 September 2019 05:24 AM

    Why did not the people realise that he was always that - Deceptive - in his analysis. Otherwise how did he arriv at the conclusion that in 2011/12 that a SL Family of 4 could sustain themselves in SL Rupees 2500.00 Super Humbug indeed

    Dee Tuesday, 03 September 2019 08:48 PM

    Really pity the products you thought economics? They run the economy now pubil and govt sector. Hope they retire soon. No wonder the entire system is in a mess.

    sss Tuesday, 03 September 2019 08:59 PM

    hey professionals (educated free of charge) and politicos send more housemaids to earn dollars. After 80 years of higher education we do not have a local knowledge or manufacturing base any any of the industries such as healthcare

    Bandu W Tuesday, 03 September 2019 09:12 PM

    Why we are in this position is because Maru Sira brought in MaRa in October last year and ruined the business sector with uneasiness and indecision and no one in charge at the Treasury to pay the govt contractors which led to all local businesses to suffer down the line. I know this very well..

    Bandu W Tuesday, 03 September 2019 09:12 PM

    Why we are in this position is because Maru Sira brought in MaRa in October last year and ruined the business sector with uneasiness and indecision and no one in charge at the Treasury to pay the govt contractors which led to all local businesses to suffer down the line. I know this very well..

    johan Tuesday, 03 September 2019 10:00 PM

    Boru Show

    Roland boniface Tuesday, 03 September 2019 10:49 PM

    People in Glass houses cannot throw stones. Ask the accountant what he did when you were in seated on the throne.

    Appuhami Wednesday, 04 September 2019 12:34 AM

    just a year ago MR did the same by releasing 50 Million USD to show he can stop the downfall of the rupee.If you take a news paper on first week of november in 2018 you will see that news item.This guy is the one who has allegedly got MR to do it.Moreover The investors are leaving because they fear this guy and his Boss and 40 thieves would come back to power once again

    Rohan Wednesday, 04 September 2019 12:58 AM

    What about the Gold robbed from the Central Bank during your period - you think that was okay isn't it.

    Ram Wednesday, 04 September 2019 02:42 AM

    I believe the Head of the Central Bank is more knowledgeable on the issue than an ordinary tuition master


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