Dollar to go up to Rs. 450 soon

• The government has been carrying on Ill-advised projects including road construction projects in an attempt to gain political mileage

By Dinesh Upendra 

Senior Professor in the Business Studies Faculty of the North Western University Aminda Methsila Perera warned that the Dollar value would soon increase to Rs. 450 due to the government’s failure to contain the prevailing economic crisis and to find its cause. 

He told the media yesterday that Governor of the Central Bank Ajith Nivard Cabraal who failed to propose an effective programme to overcome the challenge attributed the fault to the previous government, CORONA pandemic and the Ukraine war at the All Party Conference. He said the CORONA pandemic affected the country’s economy to a certain extent, but it was worsened by the wrong decisions of the government.

“The shortsighted decisions reduced the budgeted state income by 25 percent. We advised the government to reduce expenditure to cover the loss, but to no avail. The government has been carrying on Ill-advised projects including road construction projects in an attempt to gain political mileage. The country has been compelled to depend on foreign debt when the expenditure exceeded the available assets. Printing of currency almost in limitless proportions worsened the situation. The government’s attempt to freeze the Dollar value which had been Rs.180.00 at the time of coming into power. We realized its danger and advised the government to let the Dollar value float. The government turned a deaf ear to this proposal.