Sri Lankans suffering due to wrong policy: legislator

June 17, 2012 (LBO) - Sri Lankans are suffering due to wrong economic policy actions especially those involving state interventions in markets that are backfiring, a legislator who has earlier raised red flags about the balance of payments has said.
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Harsha de Silva, an economist who represents Sri Lanka's main opposition United National Party said interventions in forex and interest rates markets had ended with heavy burdens on the people.
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De Silva said he had warned that when the central bank tried to "dictate to markets with artificial interest rates and exchange rates that was going to end with nothing but a crash landing that would significantly increase the economic burdens on the people."

Sri Lanka is now suffering from a balance of payments crisis which often hit so-called soft pegged exchange rate regimes where a central bank tries and fails to control both exchange rates and interest rates through sterilized foreign exchange sales.

A typically balance of payments crisis involving contradictory monetary and exchange rate policy triggers foreign reserves losses, exchange rate depreciation, high inflation, and high interest rates.

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Such incidents can also trigger rating downgrades and capital fli

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