Sri Lanka to strengthen rupee to 129 in next two weeks: Finance Minister
June 23, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake says the government will strengthen the rupee to 129/130 against the US dollar in the coming two weeks.
“When we tookover the government it was at 133.25 rupees to the US dollar and now it is at 133.
90 rupees,” Karunanayake told reporters Tuesday.
“In two weeks we are bringing it to around 129 and 130 rupees. Large amount of dollars are coming into the country,”
“The country has taken loans more than the sustainable level. So the best thing would be to strengthen the rupee against the US dollar by managing it properly.” Karunanayake said.
The Finance Minister also compared the borrowings taken by the previous government for the first four months of last year against this year.
“For the first four months of 2014, the government has collected over 830 billion rupees as net borrowings from external sources.”
According to the Minister, 384 billion rupees was received from treasury bonds, 66 billion rupees from treasury bills and 47 billion rupees from Sri Lanka development bonds.
36 billion rupees has received through advances from central bank, 29 billion rupees from the bank over draft and 268 billion rupees from foreign loans, Karunanayake said.
Sri Lanka’s new administration has obtained 577 billion rupees net borrowings for the first four months to April 2015.
So hes now stating rupee will be at 130 in 90 days.
so now again ravi promising to bring the dollar back to 130 in 90 days. what a joke.
Fool me once, shame on you; fool me twice, shame on me
Blowing transformers happen when the supply side is not sufficient, which is the exact situation happened last couple of weeks. Due to pressure from politicians, engineers tend to continue to cover up the demand. It is very sad that politicians create stories to change focus of the people to blame some innocent guys instead of accepting the issue
I don’t think arjuna mahendran is fit for the job
Another 50 basis point raise should arrest the LKR free fall seen because of these comments.
Locals very optimistic about the future. 😀 the best joke I’ve ever heard
CHANGE is keeping people happy it seems..
You mean India? get a call to any.. man (not an expert) ask how many days in a week they do not have power interuptions.
FTA with Japan is about time.
However LBO has not mentioned the privatization plans announced during the event
Want to know what are the changes done to the original agreement. Finally this government also had to bow on Chinese money. I am still hoping that our local people at least now understands reality of global politics. This is not Mahinda or Ranil. Just global politics. Like what we experienced for last 30 years of war, which is again a direct result of global power politics, where our people blame on two ethnic communities. Very sad.