Opposition MPs call for select committee to look into fluctuation of rupee

Colombo, May 27 (Daily Mirror) - Some 40 Opposition MPs have called for a select committee to look into the fluctuation of the rupee and to review the powers given to the Central Bank, it was revealed.

Opposition MP Ravi Karunanayake told a media briefing that 40 Opposition MPs are to make a written request from Speaker Jagath Wickramaratne to appoint a select committee to look at the rupee fluctuation that had taken place during the past few days. 

“We also requested that ways and means should be looked into to hold the Central Bank more accountable. Accordingly, we suggest that Sri Lanka should look at how similar institutions such as the Reserve Bank of India function,” he added.

He said the sudden appreciation of the Sri Lankan rupee against the dollar also causes problems to businessmen. The MP said it will affect the importers. Importers who have spent around Rs. 350 to purchase dollars to pay for their imports will suffer losses as their sales earnings will be less when it comes to rupees. 

“They will not be able to recover their costs when the dollar appreciates,” he said.

The MP said sellers of vehicles will also face difficulties when the rupee fluctuates.

Karunanayake said he was able to predict the increase of interest rates weeks ago. He said the reason for the interest rates is unknown as it has not been done to compensate the increase of inflation.

“We are coming up with these arguments as we are aware of what is happening today,” he also said.