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Sri Lanka

Ravi warns the govt. not to devalue the Rupee

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Member of Parliament Ravi Karunanayake said that the current government is likely to devalue the Rupee to please a few people.

Recalling that the public voted for them based on promises of providing vehicles at Rs. 1.2 million and reducing fuel prices, the former Finance Minister warned that if imports exceed exports, the Rupee would start to depreciate.

“When the rupee starts to depreciate, when taxes are increased to strengthen it again, Rs. 300 million will be added to the government’s expenditure. What is needed to move the economy forward is monetary policy. What should be implemented regarding the import of cars is a process that does not lead to the depreciation of the Rupee,” he said.

Noting that the country’s revenue requirement for this year is Rs. 5,000 billion, Karunanayake emphasized the need to attract foreign investment.

“Encouraging investors is an essential task. We need to increase trade with India. Bringing China, America, Europe and Japan together is what we need to through our foreign policy. We also need to take forward J.R.’s open economy,” he added.

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