Heavy intervention shoring up rupee - UNP

[TamilNet, Monday, 06 November 2006, 02:23 GMT]
A collapse of Sri Lanka’s currency was being stymied by heavy intervention by the Central Bank, the main opposition party said Sunday. The central bank had spent 352 million dollars from January to September to defend the rupee, with 121 million dollars being spent from September 01 to 19, former Deputy Finance Minister and United National Party (UNP) parliamentarian, Bandula Gunewardene, told Lanka Business Online (LBO).

Gunewardene charged that senior bureaucrats in charge of economic policy was deceiving President Mahinda Rajapakse, who is also the finance minister, and hiding their incompetence.

“Inflation has now gone up to 17.2 percent, and oil prices are falling,” he said. “They can no longer say inflation is caused by rising oil prices. It is because they are printing money to finance the budget deficit.”

He said that in their time, the UNP had stopped printing money and brought inflation down to 3 percent despite rising oil prices.

“The numbers speak for themselves. Can anyone deny that inflation is now 17.2 percent and the rupee is 108? Can anyone say that our total foreign reserves had not fallen?” he asked.

 

Latest 15 Reports
22.10.17 21:55   Photo
Colombo seizes more lands for Sinhala colonisation in Trincomalee through engineering Tamil-Muslim divide in East
21.10.17 21:46  
Unitary constitution imposing choice irrelevant to fundamentals needs rejection by Tamils
20.10.17 07:02  
Jaffna University students boycott classes against manipulative justice of genocidal Sri Lanka
19.10.17 17:11   Photo
Sirisena disappoints student leaders, Cooray humiliates families of hunger-striking prisoners
18.10.17 23:45  
Eastern Provincial Land authority discriminates Tamils
17.10.17 18:46   Photo
Paramilitary operative employed at Cooray's secretariat in Jaffna harasses public servants
16.10.17 07:15   Photo
UN Refugee agency ignorant of stranded Tamil refugees in Indonesia
15.10.17 19:12  
Tamil fisherman rammed by intruding Sinhala fishermens’ boat, fishing disputes escalate in Jaffna
14.10.17 07:34   Photo
Tamil protesters confront Maithiripala Sirisena in Jaffna
13.10.17 17:40   Photo
North at standstill, Sampanthan not to accompany Sirisena to Jaffna
12.10.17 23:35  
SL military postpones land release for 2 years as UN awarded Colombo with 2 more years in Geneva
11.10.17 23:48   Photo
20 Tamil organisations to lay siege to SL Governor's office on Friday
10.10.17 22:05   Photo
SL ‘Manipulative Justice’ exposed once again in Tamil political prisoners’ case: Sivapalan
09.10.17 22:09  
Protests gain momentum as hunger-striking political prisoners’ health deteriorates
08.10.17 23:00   Photo
SL constitutional discourse seen coupled with ‘Vision 2025’ policy of genocidal Sri Lanka
 
Find this article at:
http://www.tamilnet.com/art.html?catid=13&artid=20160