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Rampant policy confusion!

9 March 2022 10:09 pm - 27     - {{hitsCtrl.values.hits}}

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Confusion appears to be the order of the day.
 
Just after the Central Bank Governor Ajith Nivard Cabraal told bank CEOs today that the rupee was floated, providing some much needed clarity, the Finance Ministry in a bizarre statement announced a Rs.20 Avurudu incentive for each migrant dollar.
 
On Monday, the Cabinet however decided to give an incentive of Rs.38 per migrant dollar, which the latest Finance Ministry statement neither denied nor confirmed.
 
At the same time, it is not clear how the government plans to offer a Rs.20 incentive per migrant dollar when the rupee is floated, as claimed by the Central Bank Governor.
 
The Central Bank on Monday said it had decided to devalue the rupee to “not more than” 230 against the US dollar with immediate effect.
 
The confusion created by the statement, left the forex market guessing whether what was announced was a new upper cap replacing the previous cap of Rs.200-203, or the Central bank had allowed the rupee to float.
 
With the latest Finance Ministry statement, it appears that the Central Bank and the government are not on the same page about the direction of the country’s exchange rate.

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  Comments - 27

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  • Ram Thursday, 10 March 2022 01:51 AM

    Indrajit Coomaraswamy did a wonderful job. Cabba with cabinet status will mess up the CBSL before he leaves, as it has happened with the cabinet of Ministers of GOSL headed by GR

    Mahila Thursday, 10 March 2022 02:40 AM

    Confusion worst confounded! The order of the day. How will it help us out of any crisis??

    Mahila Thursday, 10 March 2022 02:43 AM

    Clarity is the need of the moment, specially when facing momentous crisis - Foreign exchange crunch!

    Shiran de Soysa Thursday, 10 March 2022 04:09 AM

    A totally confused Government continues to confuse every Sri Lankan. We were known to have a high literacy rate with well educated professionals. We are now the laughing stock. Truly so sad how a country of great potential has been reduced to this.

    Seyed Zafar Thursday, 10 March 2022 04:23 AM

    When donkeys make the decision the country becomes a laughing stock....time for rajapakses to go to their village.real godayas.

    Jude Thursday, 10 March 2022 05:00 AM

    බල්ලාගේ වැඩේ බූරුවා කරනවා!!!

    Punchi Banda Thursday, 10 March 2022 05:09 AM

    We are experts at confusing international bodies like the UNHRC etc that is scrutinising us. We are now using this expertise to confuse our own institutions and people

    Mokan Thursday, 10 March 2022 05:16 AM

    What a disgrace

    Kps Thursday, 10 March 2022 05:50 AM

    All the top guys are old and obsolete. Please depart graciously and let educated professionals handle the Finance matters

    Hon. Henchman Thursday, 10 March 2022 06:43 AM

    Monkeys will do a better job managing the Lankan economy.

    Lumbini Thursday, 10 March 2022 07:09 AM

    There is no confusion. When you have 7 brains, each brain will take different decisions.

    common man Thursday, 10 March 2022 07:49 AM

    too many cooks spoil the soup.

    Bhatiya Siriwardena Thursday, 10 March 2022 07:54 AM

    munta pissu !

    Malle Pol Thursday, 10 March 2022 08:03 AM

    Mission statement of this Government!!!

    Ranaweera Thursday, 10 March 2022 08:29 AM

    Basil and Nivard are fighting. Basil's 10th grade knowledge with his 7 brains are more likely to be used here.

    Terrence Thursday, 10 March 2022 08:58 AM

    The govt. and the CB officials are floating being nincompoops whilst the dollar is pegged

    Thomas Dharmachandra Thursday, 10 March 2022 09:04 AM

    The President should remove the CB Governor Cabrral and replace him with a much competent Economist to save Sri Lanka from collapsing

    N SENA Thursday, 10 March 2022 09:05 AM

    THERE IS NOTHING THIS GOVT CAN DO RIGHT. THEY CAN ONLY MESS UP THINGS BRINGING GREAT INCONVENIENCE AND HARDSHIP TO THE PEOPLE

    joshua Thursday, 10 March 2022 09:37 AM

    Thanks you 6.9 Mn fools. Country has to suffer more for your sins

    Ranjan Thursday, 10 March 2022 09:59 AM

    Super Avurudu Promotion from a brilliant Marketier of a renowned press offering more extra print outs to what you pay for.

    Premalal Perera Thursday, 10 March 2022 10:32 AM

    They first appointed an 80 year old man called Luxman as governor of the Central Bank. In his wisdom as he claims to be an economist, he fixed the exchange rate at 200. Then came a clown with a road map which led the country down a hole. Now the same clown keeps on confusing the nation with more of his stupidity.

    KM Rafeek Thursday, 10 March 2022 10:46 AM

    From top to bottom in the government are confused. Confusion is the theme of day. Treatment must be given to Confusion, due to corona vaccine

    Dee Thursday, 10 March 2022 10:58 AM

    CIMA ?

    roni Thursday, 10 March 2022 11:01 AM

    It is very obvious that this Governor is totally incapable. The CB should only give advise to Govt and be independent. However as he did previously he has politicized the Bank is implementing Govt policy.

    Lanka Shantha Thursday, 10 March 2022 11:07 AM

    Have to float at Rs 260/- then only you can compete with the black marketers and can get dollars.. Otherwise it us waste. You have Billions of printed Rupees give to remiters. no harm.

    Be Fair Thursday, 10 March 2022 11:11 AM

    Confusing us for us to be Convinced

    mnsmart Thursday, 10 March 2022 12:00 PM

    Looks like the Seeduwa Kaputaas have hit the Central bank


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