“If current economic affairs keep continuing, the value of the rupee will end up at 150 against the Dollar” opposition lawmaker Bandula Gunawardane said last night.
The Central Bank Governor – Arjuna Mahendran
Addressing a news conference in Colombo he said; the joint opposition would report to the newly appointed Committee on Public Enterprises (COPE) regarding the controversial Treasury Bonds issue once the budget period was passed in parliament. The Treasury Bonds Sale was the main reason for the record depreciation of the rupee against the US Dollar.”
“Central Banak Governor Arjuna Mahendran who is responsible for these outcomes is nowhere to be seen. If someone needs to meet him, they would have to travel to Singapore to reach the governor.” Gunawardane said.
Issuing a statement in last March regarding the controversial Treasury bond issue of 27 February, the Transparency International Sri Lanka said; “TISL is of the view that there is a clear case of insider dealing which is a form of corruption, which can only be unearthed with a credible investigation. The public has a right to know who were exactly involved in the questionable insider dealing.
“TISL is of the view that it is only right that the Governor temporarily steps down from his position to ensure the space for an independent probe and that the faith placed upon the Central Bank by the public is respected. The government has a responsibility to safeguard the highest level of integrity in the Central Bank, which is the main regulator in the country.”
Burt / December 9, 2015
May be he is on a personal mission abroad to look for Rajapaksa clan’s hidden bank accounts.
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tokka / December 10, 2015
“” the value of the rupee will end up at 150 against the Dollar” “”
Stupid Opp analysis for the sake of attacking:
The Hindian will swap $$$ for Lankan Rs until Lanka comes under it and does not talk of yellow subs again.
when oil goes Up dollar goes Down.
Now the dollar is rising and American Oil is pushing the price of fracking Oil down.
It will still go down until the ME has no oil to talk of and Russian economy crashes.
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shankar / December 9, 2015
cabraal filed action against mahendan for this treasury bond issue and he was supposed to appear in court.Then mahendran filed action against cabraal for the purchase of greek bonds and cabraal dropped his action and mahendran also withdrew his and they both hugged and kissed each other and became blood brothers and partners in crime.They dropped accusing each in the media too.
Now it is upto our very own nagananda kodituwwakku if he has the courage to file action against both these crooks.Naga is the only hope for the country of crooks.
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cimba / December 10, 2015
[Edited out]
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cimba / December 10, 2015
CT thinks nagananda kodituwwakku is doing charity. Hoooo!
Reserve Banks are too big to fall like the western private banks.
Merkel had her share of VW 5% GDP for playing sentimental me.
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K.A Sumanasekera / December 9, 2015
Forget about Dr Mahendran..He is in there for the long haul.
President Sira wanted him sacked,,But Ranil gave Kumra Sira a big present to even things out.
So what can this Transparent Dudes do?..
Bandula has been too kind. LKR is already 144 to a Dollar.
It is a matter of when it is going to fetch LKR 200..
Exports are down for seven of the eleven Yahapalana months not counting Oct & November.
Condo developers in Colombo have already priced in the 200 Exchange Rate…
They are asking LKR 18 Mil for a Two bedder in Dematagoda.
And there are 125 apts in the block..
The main feature in the ad is that it has good Lifts.
They better be, if the Diasporians want to get out in a hurry with their Dual Passports intact.
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baludeen / December 9, 2015
[Edited out]
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Lie Detector / December 9, 2015
“TISL is of the view that it is only right that the Governor temporarily steps down from his position to ensure the space for an independent probe and that the faith placed upon the Central Bank by the public is respected. The government has a responsibility to safeguard the highest level of integrity in the Central Bank, which is the main regulator in the country.”
Damn right! He should have stepped down (or been fired) as soon as TISL came out with their report.
Shame on Ranil and Maithripala for allowing this farce to continue. And Maithripala shouldn’t have been allowed to slink away passing the buck, saying that he told Ranil to remove Mahendran.
More bullshit from the Yahapalanaya leaders!
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Douglas / December 9, 2015
Where and what this ex Minister Bandula Gunawardane doing during the tenure of ex Governor of the Central Bank got involved in massive scale “mismanagement” of Public Funds? Further more what is this “Joint Opposition” and who “Leads” it? Don’t they understand that the country and the people have a RIGHT to know what this “joint Opposition” is? Without further playing this “hide and seek” game, I would request them to declare what this “Joint Opposition” is, who it’s Leader is and who are those MPs belonging to it; what are the Political Parties in it. The next question is why complain to COPE? There is a Presidential Commission set up to investigate and inquire into these types of “Large Scale” frauds. Why can’t this so called “Joint Opposition” take their complaint to that forum and press for an “investigation”?
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Pot Shot / December 10, 2015
The white collar thieves of Sri Lanka. “Hook or by crook” they still survive protected by corrupt politicians.
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Keynes! / December 10, 2015
The government appoints this Oxford educated crook. He then gets involved in a questionable bond deal. After that he messes up the exchange rate. Any fool can tell you that if you reduce interest rates to spur the economy in an importing country, you need to increase import tariffs. Else, the public use the low interest rates to beef up imports.
Harsha De Silva now makes an ex cathedra pronouncement to the effect that the government is going to bring Harvard educated economists for a forum. I have a few things to say about these Harvard donkeys. Let me start with Prof. Greg Mankiw.
In 2011, students at Harvard University walked out of Prof. Greg Mankiw’s class after handing him an open letter. An excerpt from this letter is given below:
“Today, we are walking out of your class, Economics 10, in order to express our discontent with the bias inherent in this introductory economics course. We are deeply concerned about the way that this bias affects students, the University, and our greater society.
As Harvard undergraduates, we enrolled in Economics 10 hoping to gain a broad and introductory foundation of economic theory that would assist us in our various intellectual pursuits and diverse disciplines, which range from Economics, to Government, to Environmental Sciences and Public Policy, and beyond. Instead, we found a course that espouses a specific—and limited—view of economics that we believe perpetuates problematic and inefficient systems of economic inequality in our society today.
A legitimate academic study of economics must include a critical discussion of both the benefits and flaws of different economic simplifying models. As your class does not include primary sources and rarely features articles from academic journals, we have very little access to alternative approaches to economics. There is no justification for presenting Adam Smith’s economic theories as more fundamental or basic than, for example, Keynesian theory.”
Then, there is another fool called Prof. Michael Porter at Harvard. He is a competitiveness buff much like our local saint Indrajit Coomaraswamy who used to be attached to the Galleon Group to advise the Billion Dollar Raja – Raj Rajaratnam, who is teaching business economics to inmates at a prison in the United States now! I never imagined that another Tamil would outdo Emil Savundra, although I must say that our Billion Dollar Raja’s womanizing skills were no where close to that of Emil Savundranayagam, who ended up with the bombshells Christine Keeler and Mandy Rice-Davies. I wonder if our local economist Terrence Savundranayagam can live it up like his namesake Emil Savundranayagam.
Ok, back to that Harvard fool Michael Porter. This guy claims the following in his famous publication titled The Competitive Advantage of Nations:
“A nation’s competitiveness depends on the capacity of its industry to innovate and upgrade. Companies gain advantage against the world’s best competitors because of pressure and challenge. They benefit from having strong domestic rivals, aggressive home-based suppliers, and demanding local customers.”
Ha! Ha! Ha! International trade is not a zero-sum game as Michael would like us to believe. International trade is based on comparative advantage. The economist Paul Krugman wrote a brilliant article on Foreign Affairs titled Competitiveness: A Dangerous Obsession, which debunks Michael Porter’s theory.
Let me move on to Prof. Lawrence Summers – the biggest fool at Harvard. This chap is like George Bush. I will leave the readers to two important articles that appeared in international publications to gauge this nutcase. The first is an article titled The Reeducation of Larry Summers that appeared in Newsweek. The second is an article titled How Harvard Lost Russia by David McClintick.
So much for these Harvard economists. I have a lot to say about three Harvard educated fools in the NGO sector in Sri Lanka. I’ll leave that for another day though.
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Eric / December 11, 2015
“”The government appoints this Oxford educated crook.”
getting a paycheck or getting results?
stressed, discouraged, overwhelmed?
conflict and workplace drama?
Oxford has always glorified Piracy and you are mistaken not to
realise as to why S.W.R.D bust adorns the hall of fame.
Debater Barry glides to Chicago marries Michele gets elected promising `Change`and Norway presents him a Nobel Peace Prize with it Libya becomes Vulture prey.
Dont you know,Ranil is talkin ’bout a revolution
It sounds like a whisper.
While theyre standing in the welfare lines
Crying at the doorsteps of those armies of salvation
Wasting time, in the unemployment lines
Sitting around, waiting for a promotion
Don’t you know, they’re talkin ’bout a revolution
It sounds like a whisper
Poor people gonna rise up and get their share
Poor people gonna rise up and take whats theirs
Don’t you know, you better run, run, run, run, run
Run, run, run, run, run, run, run
Oh, I said you better, run, run, run, run, run, run, run
Run, run, run, run, run
‘Cause finally the tables are starting to turn, talkin ’bout a revolution
‘Cause finally the tables are starting to turn, talkin ’bout a revolution, oh no
Talkin ’bout a revolution ,oh
While they’re standing in the welfare lines
Crying at the doorsteps of those armies of salvation
Wasting time in the unemployment lines
Sitting around waiting for a promotion
Don’t you know, theyre talkin ’bout a revolution
It sounds like a whisper
And finally the tables are starting to turn, talkin ’bout a revolution
Yes, finally the tables are starting to turn, talkin ’bout a revolution, oh no
Talkin bout a revolution, oh no, talkin bout a revolution, oh no
Tracy Chapman.
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Douglas / December 10, 2015
It looks some are getting disturbed and not happy of my consistent objection to the publicity given in the media to this “Joint Opposition”. I tried to understand this when Mr. Vasudeva Nanayakkara, a prominent spokesman for this “non existent” “Joint Opposition” was giving an interview recently to TV a channel. Most of the concerns that I have were raised by the interviewer; but Mr. Vasudeva very cautiously avoided answering. He said a “letter” was given to the Speaker informing of him the “existence” of such an “Organization”; but the Speaker has so far not responded. I am sure, Mr Vasudeva being a “long standing” MP would know that the Speaker cannot “recognize” such a group in the presence of an Official Opposition; unless this “Group” resigns from the very political parties they contested and got elected to Parliament. They also can “form” into an Independent “Group” under the Leadership of someone from among themselves and claim recognition and perhaps the status of “Official Opposition”. Mr. Vasudeva was appropriately questioned on these lines; but used his skills in debating and avoided giving a “direct answer”. In the end he said, “we are still discussing”. So till then WHY, we and the media recognize this “non existent” “Joint Opposition”?
In addition to what Mr. Bandula Gunawardane’s attempt to refer the case of CB to COPE, let me remind of what its previous Chairman, Mr Dew Gunasekera said about this institution. He said: “what is the use of this COPE without “TEETH”. That is why I insist if Mr. Bandula Gunawardane is very serious of this matter, he must walk into the Presidential Commission or FCID or even to the CID and lodge a complaint with all the evidence available and ask for an immediate investigation, rather than relying on this COPE that has no “TEETH” to deal with the culprits.
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Ebola da Silva / December 11, 2015
Bandula, you re a fraud.What happened to the quotes to prevent adultration / marketing of spurious alcohols which were called when you were the Deputy Finance Minister.Why was it not implemented?
Why are you silent on the illegallity of the taxes under the Excise ordinance?
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Crazyoldmansl / December 14, 2015
You are being optimistic and your are an idiot! It has been decided that the Sri Lankan Rupee will float between 200 to 220 to the US Dollar.There is nothing that Mahendran can do to stop this. In fact it may be his job to preside over this re-valuation and if this so then he is being paid for it.
Wake up dumbos. Are you guys Blind?
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