President, NEC hold discussions on devaluation of rupee and economy

Oct 05, 2018 (LBO) – Special attention was drawn at a discussion regarding the promotion of Sri Lanka’s export sector and managing the devaluation of the rupee by the National Economic Council, headed by President Maithripala Sirisena.

The NEC gathered under the patronage of President Maithripala Sirisena at the Presidential Secretariat, Wednesday  with the participation of the business leaders, chambers of commerce and industries, members of the academia including vice-chancellors of universities, and public sector.

The Central Bank explained in detail regarding, the steps that have been taken by the Central Bank to manage the depreciation of the rupee.

The Central Bank further pointed out that the depreciation of the rupee was due to external factors, and stated several countries, including India, Pakistan, Malaysia and Indonesia have also faced this prevailing condition.

During this consultation, NEC gathered views on immediate measures to be taken, and opportunities opening up with regard to the current economic status of the country.

Private sector representatives, including the Chairmen of several leading companies were present on this occasion.

The meeting was also attended by the representatives of the Central Bank of Sri Lanka, Board of Investment of Sri Lanka, Export Development Board and the heads of all leading key chambers of commerce and industries, and state and private banks.

The National Economic Council was also briefed on the benefits and opportunities that could be given to promote exports. Attention was also paid to improving the tax policy to incentivize exports.

The Prime Minister Ranil Wickremesinghe, Ministers Mangala Samaraweera, Mahinda Samarasinghe, Harsha de Silva, Eran Wickramarathne, Secretary to the President Udaya R. Seneviratne,Secretary-General of the National Economic Council Prof. Lalith Samarakoon,Governor of the Central Bank of Sri Lanka, Dr. Indrajit Coomaraswamy and vice-chancellors of University of Colombo and Jayawardenapura and other distinguished intellectuals also participated in this meeting.