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island.lk 03 Aug, 2022 01:15 am

Why is Singapore dollar strong and SL rupee weak? – The Island

Why is Singapore dollar strong and SL rupee weak? – The Island

by Jayampathy Molligoda Inflation is too high in Sri Lanka; people are finding it unbearable.Singapore experience and structure of our CBSL: Singapore has the Monetary Authority Singapore (‘MAS’) as their Central Bank, where in Sri Lanka, we have the Central Bank of Sri Lanka (which is not a body corporate in legal terms) and within the CBSL, they have the ‘Monetary Board’.2 Mn in June 2022 as per data released by Sri Lanka Customs, mainly due to increase in earnings from export of Apparel & Textiles (1/2)” “World Bank does not plan to offer new financing to Sri Lanka until an adequate macroeconomic policy framework is in place – WB” Sri Lankan Export industries such as textile and apparel, tea sub sector, minor export crops, etc.On the other hand, there is this conspiracy theory that some unexplained, hidden and most powerful forces operating outside Sri Lanka are at work -may be trying to weaken the “STATE” and portray Sri Lanka as a failed state as articulated by the Head of SIS at a high- level meeting chaired by the President Ranil Wickremesinghe.

In the meantime, it is the responsibility of the government of the day to uphold the constitutional provisions to the letter and spirit as stipulated in the Constitution of the Democratic Socialist Republic of Sri Lanka.Further, during the period 2019 till august 2021, the private sector was benefited under low tax rates and low bank interest regime, where they borrowed rupee loans at 4-6 %, otherwise the exporters were compelled to go for $$ packing credit for financing export orders.

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