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Rupee drops to Rs.150 against dollar: Bandula

9 November 2016 05:25 am - 13     - {{hitsCtrl.values.hits}}

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The value of the rupee against the US dollar has dropped to Rs.150 raising concerns among the people of possible price hikes on imports including food items and raw materials, the joint opposition MP Bandula Gunawardane said yesterday.

He said the rupee had drastically depreciated under the current Government and would lead to an economic crisis if remedial action was not taken.

“In 2012, it was Rs.127. It dropped to Rs.129 in 2013 and Rs.131 in 2014. Today, it is Rs.150. This is big drop. The prices of essential items are bound to rise as a result of the depreciation,” the MP said.

He said sugar, dhal, milk powder, and lentils were among the widely consumed food items being imported to the country.

The MP who heads the economic research unit of the JO said it would affect the manufacturing sector as well.

“Last year, the rupee component of the country’s total external burrowing plummeted by 285 billion. It is even higher than the total revenue of the government by way of the Valued Added Tax (VAT) last year. The government received only Rs.22 billion last year from VAT,” he said.

The MP said in a desperate move the government released dollars from its reserves to stabilize the exchange rate but it would result in further economic issues.

“Last year, the government sold more than US$3.2 billion in the open market. From October this year up to now, US$164 million has been sold. This will lead to a crisis in the balance of payment,” he said. (Kelum Bandara)

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  Comments - 13

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  • Leonard Wednesday, 09 November 2016 09:42 AM

    If I remember correct, what he actually said was Rs. 2,500 was sufficient for ONE person per month, which is still ridiculous.

    Desmond Jeromme Wednesday, 09 November 2016 10:18 AM

    Bandula RW, Ravi

    Kiris Baba Amaray Wednesday, 09 November 2016 10:20 AM

    Mr. Bandula you better then go and dash Coconuts in Kovils.

    Kadupol Jothywansa Wednesday, 09 November 2016 10:28 AM

    Bandula is only suitable to rare buffalos in the field.

    Nihal Amarasekera Wednesday, 09 November 2016 11:13 AM

    However much we dislike him the fact remains that the Rupee is really depreciating against dollar. Something really wrong.

    Suni Wednesday, 09 November 2016 11:30 AM

    The direct result of chanda gundu by the yahapalana guys and then two years of economic disruption. We forever suckers got rid of a corrupt lot to bring in an incompetent lot.

    Roman Wednesday, 09 November 2016 11:38 AM

    Bandula are you aware that the USD is going down drastically while Gold surged to 4.5% and oil prices were down nearly 4% to $44 a barrel as of now????

    BuffaloaCitizen Wednesday, 09 November 2016 11:50 AM

    Coming from the mouth of a buffalo who mooed that 7,500 is enough for a family of 3 per month. Go back into your cattle shed.

    Wedige Thursday, 10 November 2016 05:23 AM

    Hey, man you said it is going to be 160 some weeks ago. Now you corrected to 150, but I have seen the OANDA Converter today, it is 144.8. Where do you get this figures.

    sobers Wednesday, 09 November 2016 08:53 AM

    You can only be a Tution master, as a politician you are not capable. You are the person who said that a family of four could be fed for Rs.2500.00 per month.

    TONY Wednesday, 09 November 2016 08:54 AM

    IT IS BETTER IF BG CAN HAVE A DISCUSSION WITH DR HARSHA OVER THIS MATTER SO THAT THE PEOPLE CAN KNOW THE ACTUAL SITUATION AND WHAT ACTION THE GOVT PROPOSE TO TAKE TO AVOID A CRISIS

    dulan Wednesday, 09 November 2016 08:54 AM

    Ok now a family will need Rs.3000 to live as Rs.2500 will not be enough

    kaboos Wednesday, 09 November 2016 08:55 AM

    We harvest what we sow.


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