Sri Lankan rupee has become one of fastest growing currencies in the world: Siyambalapitiya

4 May 2024 07:02 am - 49 - {{hitsCtrl.values.hits}}

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Dr. Ranjith Siyambalapitiya

The Sri Lankan rupee has now become one of the fastest-growing currencies in the world, Finance State Minister Ranjith Siyambalapitiya said.

In a statement released by the Government Information Department, the minister pointed out that only in the first four months of this year the rupee has achieved remarkable growth in comparison with all the other currencies in the world.

“In the first four months, the rupee has gained 9.1 percent against the US dollar and has gained 12.7 percent against the euro,” he said.

Dr. Siyambalapitiya noted that the rupee has gained 10.8 percent against the Sterling pound and 11.4 percent against the Chinese yuan.

He further mentioned that the rupee has grown by 21 percent compared to the Japanese yen and by 9.5 percent compared to the Indian rupee and has grown by 14.2 percent compared to the Australian dollar.

Comments - 49

Steve Saturday, 04 May 2024 08:24 AM

Yes and starvation in SL is also the fastest growing in the world.

Mahila Saturday, 04 May 2024 01:22 PM

Lankans are not suffering from Deprivation of essentials, STARVATION as rampant, as obtained from 03/2022 to 12/2023!!!??? Forget, great GIFT by EP elected by, 6.9 M emancipated Electoral voters, to Sri Lankans to LIFE’S JOY!!!??? Sri Lankans, good at ‘OBFUSCATION’ – Their Cunningness, Obscuring, whatever, Residual Intelligence remaining in them!!!??? People should genuinely grant the Government and Public Servants and Politicians who helped to come out of the “ROT”, their due RESPECT and TRIBUTE for having rectified, the purported Madness and Idiosyncrasy of the Previous lot - 'THIEVES'!!?? IF ONE CANNOT DISCERN AND GIVE CREDIT, WE AREN'T HUMANE! Give the Devil it's DUE and deserved CIVILITY!!!??

Gabriella Saturday, 04 May 2024 05:05 PM

It is not starvation. It is the latest diet. Hopefully, it will lead to an attitude readjustment. Vote Mahinda Rajapaksa for more milk and honey.

Don’t Understand Oxford English Sunday, 05 May 2024 10:39 AM

@ Mahila - your Oxford English is difficult to understand. Kindly use regular, laymen’s English when communicating on this platform. Many politicians are not educated you know! Thanks

Jagath Saturday, 04 May 2024 08:50 AM

This man deserves the Nobel prize for idiotic economic statements. Where did this man crawl out of? The swamps?

VJ Saturday, 04 May 2024 09:13 AM

On a very short term!

Lk Saturday, 04 May 2024 09:14 AM

To tell lies and lies after bringing down the economy of this country to this level ...you must have some cheap and dirty political minds behind what you say .leave all economic and financial matters with experts. 225 have brought this beautiful country to this level .. People will teach a lesson .. India is inviting you and some others to teach you some crafty trick to win the election. India as the largest democracy in the world should leave us alone for people to decide

Lahiru Radika Kumara Saturday, 04 May 2024 09:17 AM

What's a hilarious statement. Despite bankruptcy, skyrocketing goods and several import bans, the minister has deceived people to show a drama of financial growth in Sri Lanka. Sri Lankan Rupee appreciation is going on, but the costs of essential goods remain almost same and consumers don't receive benefits of this appreciation.

Sokrates Saturday, 04 May 2024 09:19 AM

What a bizarre statement that only Ranil should help in his election campaign. Unfortunately, there are still too many fools in Sri Lanka who believe this statement. The Sri Lanka Rupee is not traded on the world market as it has no equivalent value and is not accepted in any country. The value of the freely convertible currencies against the Sri Lanka Rupee (LKR) is determined entirely by the Central Bank of Sri Lanka, which is purely manipulative, currently on Ranil's orders. This is important for Ranil's election campaign at the moment. The higher the value of the LKR is set, the cheaper imported consumer goods become and the inflation rate is thereby artificially reduced. However, this has fatal effects for the economy. Imported goods for which the CBSL releases dollars to traders are thus sold far below value, with taxpayers money making up the difference. After the elections, the LKR will plummet. Many former dictatorships went bankrupt and collapsed because of this practice.

Bushel Saturday, 04 May 2024 09:26 AM

oh.... a wonder ? Foreign debts in multi billions unable to pay back, imports maximum restriction. balance of trade widen in million dollars, cost t of living unbearable, no medicine, fuel price in hell, daily public transport cost for employees to go to work and children splits the head.. No worries rupee is strong

This is reality Saturday, 04 May 2024 09:26 AM

That said, what is unsaid?

jude Saturday, 04 May 2024 09:43 AM

How about you convert some of your dollars into rupees then if its such a good investment?

Viraj De Silva Saturday, 04 May 2024 09:50 AM

No comment

Adwani Saturday, 04 May 2024 09:53 AM

We just, already passed April 1, this is the month of May.

Adwani Saturday, 04 May 2024 09:58 AM

So very soon other countries will stop gradually, in dealing with US Dollars and began to deal in SL ruppee.

Potta Harry Saturday, 04 May 2024 10:25 AM

Where is the benefits to the economy and people

Artificial Achievements Being Bragged About Saturday, 04 May 2024 10:42 AM

Once you start paying the loans taken over the years and currently kept on hold for payments, might be the fastest fall of a currency in the world. Just Bragging about small artificial achievements just to get elected. Once in power, will give other reasons such worldwide economic issues beyond SL’s control that rupee is falling. Always the same rhetoric - one moment alls well and next few weeks all’s not that well! SL is bankrupt until all loans are paid in full. So control your expenditures and not behave that all’s well. The people are more educated now and won’t tolerate such stupidity.

Suhada malli Saturday, 04 May 2024 10:54 AM

The way you lot are talking one wonders if the fast growth will result in rupees growing on trees as well. Look here, as a nation we yet have a long way to go. Specially with regards to earning dollars from exports and other different sources to tourism and troubled middle eastern labour markets. So trying to create a rosy picture as if we have now crossed the suspension bridge (wel paalama) and now cruising on a highway is a very harmful communication strategy specially when it is coming from the governments financial leadership. You lot have done a wonderful job in the last two years, don't succumb to election pressures and ruin the communications. Let the citizens know the truth that we are yet a long way from a sustainable recovery. The emphasis should be on earning more dollars using the extra rupees we are now having thanks to real prices of fuel, power and the high taxes.

You MPs of SL are the craziest mafia in the world Saturday, 04 May 2024 11:00 AM

Fastest growing currency? no body buys LKR in any country! its worth of nothing against any currency in the world.

Athk69 Saturday, 04 May 2024 11:10 AM

Will it improve further or even stay at these rates, when the loan repayments start?

Athk69 Saturday, 04 May 2024 11:12 AM

All good for NOW. BUT, Will it improve further or even maintain these rates, when loan repayments start?

Citizen k Saturday, 04 May 2024 11:24 AM

Also fastest cost of living in Asia.The minister will understand if he goes marketing.

Nihal S Saturday, 04 May 2024 11:32 AM

What a stupid man this guy is. Compare with the rate before the country went to Bankrupt due to your team mismanagement. I thought you have some qualifications.

George Soro Saturday, 04 May 2024 11:39 AM

People, again for the ones who do not Listen. The SL Rupee can not go up, it is not tradable on the entire planet. As stated by Sokrates, it is fixed by the central Bank. The rest of the world considers SL as bankrupt, which it is as you have more debt and are not paying back your loans. Whatever these people from the government say, do not believe it, the Rupee should go down, not up.

Lokka Saturday, 04 May 2024 11:46 AM

Siyambala our hunger disappears when the rupee is climbing up , we will keep you at home at the next election

BIRD BRAIN Saturday, 04 May 2024 12:03 PM

Wonderful, you need gold in your cakehole.

Abdul Rahuman Saturday, 04 May 2024 12:12 PM

Don’t fool the public minister we did not pay our Debts yet and rescheduled to settle later, but not as you say once settlements starts USD will rise to indefinite values anytime

DJ Saturday, 04 May 2024 04:40 PM

You are off your mind. Politicians like you that are destroying the RS.

Jude Saturday, 04 May 2024 06:46 PM

Start repayment of loans and debt then the rupee gonna depreciate big time!! For the past 3 years SL haven't repaid any loans and debt!!

Siyambalapitiya, should be sent to Bambalapitiya Saturday, 04 May 2024 07:01 PM

You are absolutely right. When a currency hits rock bottom the only movement you see is the "fastest in the world". Once the currency stabilises it's the "slowest in the world".

S.K Kumara Saturday, 04 May 2024 09:55 PM

LKR increased its value due to manipulation, Sri Lankan government has always known for artificial alteration of their currency.

Patcitz Saturday, 04 May 2024 11:52 PM

After the Presidential election is over, therein after, you cannot catch the dollar going upward against per SL Rupee, reaching at least up to Rs. 500/- or more. Mind it, no artifical Rupee value raise will be permanent. It is purely a poltical gimmick done by Ranil under the US PLOT.

sumo Sunday, 05 May 2024 10:42 AM

how can you do that in the digital age? Get your grey matter working.

Gt Sunday, 05 May 2024 12:51 AM

Should be an iq test to hold positions of power, countries can't advance when the people making decisions are brainless self promoting weasels

Buddhist Sunday, 05 May 2024 03:16 AM

Even his puppy dog will know that the day we start paying back our debt, the rupee will crash. This guy is full of crap!

Sarath Fonseks Sunday, 05 May 2024 03:23 AM

Yes , the Sri Lanka currency is growing fast. Rs. 100/- becomes Rs. 200/- in next to no time !!

ignatius Sunday, 05 May 2024 04:23 AM

This bugger is a fool. Sri lankan rupee is catching up from the doldrums. Who wants SRI LANKAN rupees? Can you buy anything outsie SRI LANKA

Utter Rubbish Sunday, 05 May 2024 07:59 AM

It is appreciated if one can send comments given above by citizens to this man to understand how stupid his statement was.

Sambo Sunday, 05 May 2024 08:06 AM

And it will be one of the fastest to sky rocket again.

Pusa Sunday, 05 May 2024 08:12 AM

His he describing his brain in the picture or some other body party or himself?

Rishan Sunday, 05 May 2024 08:38 AM

How can you say that? Does international banks accepts LkR to change ? NO... even Sri Lankan banks doesn't accepts INR where there is a value... Best part is rupees is appreciating but commodities prices doesn't reduce as such ..... Minister must check the prices of milk powder ( all types ) in super markets ....

navratne willamune Sunday, 05 May 2024 10:17 AM

Propped up by the promiss of loans from the IMF,until Ranils win in the presidential elections confirmed,hatched by the west. it is not a export lead recovery.foreign interventions for thei geopolitical gains

Sanjeewa Sunday, 05 May 2024 10:25 AM

what are you joking FL man

sumo Sunday, 05 May 2024 10:41 AM

What drug is this guy on? Mind blowing I guess.

Nimal Sunday, 05 May 2024 04:57 PM

We will believe you when the Sri Lanka Rupee can be freely exchanged for any other currency in the world's money markets.

NOT WORTH THE PAPER IT IS PRINTED ON Sunday, 05 May 2024 05:02 PM

ANOTHER SCUMBAG MOUTHING OFF, THIS IDIOT DOESN'T REALISE OUR CURRENCY IS NOT WORTH THE PAPER IT IS PRINTED ON, AS THE SRI LANKAN RUPEE IS ACCEPTED IN INTERNATIONAL TRADING

Mohamed Burhan Sunday, 05 May 2024 09:23 PM

Hon Minister.The dollar exchange rate is rapidly coming down!! Import companies are starting to grumble and losses are their in every shipment.contracts in dollars.exchange conversion at the rate say aRs.228. by Banks.Local material prices are increasing from what was their few months back due to VAT.costing for export/Import say 5 USD. with a profit.with raw material purchase here profit generated is decreasing day by dayfrom the time the exchange rate is coming down .Some sort of dollar exhange stability is needed.

Prasad Dasanayaka Monday, 06 May 2024 10:19 AM

Typical Sri Lankan political dramas, fastest, biggest, longest

Nimal Monday, 06 May 2024 10:48 AM

Ask him to elaborate on this statement. This idiot have no clue of Finance, Commerce or Economics. He us the State Minuster of Finance. No wonder Srilanka is a faiked state.

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Sri Lankan rupee has become one of fastest growing currencies in the world: Siyambalapitiya

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