In order to avert a foreign exchange crisis in the face of the continued depreciation of the Sri Lankan rupee, Finance and Media Minister Mangala Samaraweera today announced a series of drastic reforms that would come into effect from today itself.
Mangala Samaraweera
Under these reforms, the government has suspended issuing vehicle permits for MP for one year. In addition, vehicle permits issued for state sector employees have also been suspended for 06 months.
No LCS would be allowed to open using these permits until the end of the suspension, the Ministry announced.
Importation of vehicles for state institutions have also been suspended until further notice. Importation of super luxury vehicles by politicians and state institutions has been cited as key example by many for heavy outflow of currency.
Importers of all vehicles, except buses, lorries and ambulances, have been instructed to keep a 200 percent cash margin at the time of opening LCs.
The government has also imposed a 100% LC margins for Refrigerators, A/Cs, Televisions, Perfumes, Mobile phones, washing machines and footwear.
The loan to value ratio of hybrid vehicles has also been increased to 50:50. It previously remained at 70:30.
K.Pillai / September 29, 2018
{In order to avert a foreign exchange crisis in the face of the continued depreciation of the Sri Lankan rupee, Finance and Media Minister Mangala Samaraweera today announced a series of drastic reforms that would come into effect from today itself.}
A crisis is something unexpected like for example the 2004Tsunami, the Fukushima Daiichi nuclear disaster, the few hours old tsunami and earthquake that hit Indonesian island of Sulawesi.
(By the way Mangala, tell us more about the misuse (if any) of what happened to the 2004Tsunami aid)
.
Chernobyl nuclear meltdown was NOT a crisis because it was just waiting to happen.
Is our present currency depreciation unexpected?
Mangala Mangala Mangala: Your action is not even band-aid. It is a kattadiya chants to a snake-bite victim.
What if Trump devalues the US$? This is not a wild speculation.
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Simon De Silva / September 30, 2018
Today I happened to watch some video where they throw away the surplus tomatoes.
But in many cournties inthe world, if there are surplus of those vegetables, they make every effort to conserve them by various means. Why dont they lankens yet think of that.
We can do lot more with tomatoes. Why those farmers are yet not informed about what they can do with them ? They can even dry them on air using the sunlight and pack them for use. That is how Italians are used to converve them. If these dried tomoes woudl be avaialbe in local markets, people could use them for their use.
The very same manner, they can can Mango and Annanas and other fruits. Then we dont need to import tonnes of can foods.
I think the govt should take actions against unncessary imports drastically.
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Frank N. Stein / September 30, 2018
Remember the wise Aussie dictum “Eat all you can. Can what you can’t” Does the Marketing Dept not have the technical facilities to Can
excess tomatoes and the like – economically? They used to in the 1970s.
F.N. Stein
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Good Sense / October 1, 2018
Incidentally the saying was made by J. R. Jayawardene at the opening of the MD canning factory in Narahenpita long years before he, becoming the President. However, the MD, in the privatization process under the presidency of JRJ was sold and I understand that the entity is effectively under the control of the Pakistani son-in-law of Ronnie De Mel, a finance minister under JRJ. MD is no more, excepting as a brand name for Jams.
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Don Stanley / September 30, 2018
The devaluation of the rupee is sending cost of living to the roof . This is the IMF, WB policy – make the poor and middle class pay for the corruption and crimes of the rich or the global and local 1 percent.
Hairdresser Mangala and Bondscam Ranil who have no brains and dance to IMF tune are LIARS. Sira should impeach them for destroying the economy with Singaproe FTIs -without first developing export sectors, and looting Central Bank so no foreign investor would bring FDI and for killing what little growth there was by following advice for Washington’s economic Hit Men
Now Mangy is closing the stable door after the horse has bolted- roads are clogged with massive SUVs of corrupt politicians and their cronies for which massive DEBT was generated – which poor people have to pay.
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Don Stanley / September 30, 2018
Out of box thinking is needed to stop crash of Lankan rupee. 3 things can be done immediately and through the next Budget
1. Cut back on excessive military and defense expenditure which is the biggest item in the Lankan budget. Sri Lanka does not have a war today and does not need such high defense budget, but US and Trump is militarizing Lanka and Indian Ocean in Cold War with China and Fake Disaster and Terrorism threats which should be resisted
2.. LK Rupee is crashing because of rising oil prices because of US sanctions on Iran. Sri Lanka needs to follow EU and tell US to go to hell and keep buying cheaper oil from Iran.
3. Also Lanka needs to go for Renminibi and Yuan Bonds and not depend on USD.
However, Bondscam Ranil and Hair dresser Mangala, are owned by Washington’s IMF, WB, MCC Economic Hit Men and Fake experts, and dancing to their tunes. This must be stopped by civil society activism, JVP and Sira.
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Kettikaran / October 3, 2018
Reader Don Stanley sees the core of the issue in perspective.
While the War ended a decade ago allocating over Rs.309 billion to the Army now is sheer lunacy. We are becoming another Pakistan where the over-weight armed forces gobble up most of the State’s funds while the vast mass of the poor remain bone dry in poverty. Come on, dear friends, warming the Diyawanna seats fed well in overly subsidised funds, it is time you spoke your mind and did some work in trying to keep Sri Lanka in the right track. Speak up – try something new. Help the country and your voters.
Kettikaran
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maalumiris / September 30, 2018
How come no one going after the Bond Thug to recover the billions while still screaming about MaRa’s ill-gotten gains ?
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Raman / October 1, 2018
Maalumiris,
Are you as financially illiterate as the rest of the Sirasa bond experts? To recap, There was only 10 billion issued. This will be repaid with interest by 2045. So where are the “billions” in loot?
By this logic, all Finance company depositors will be sued by the companies for making profits!
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Native Vedda / October 2, 2018
maalumiris
–
“How come no one going after the Bond Thug to recover the billions while still screaming about MaRa’s ill-gotten gains ?”
–
Thank you for reminding us the fading bond scam issue.
Could you tell us how did the bond thugs made off with billions?
How does the scam work, and could you give us the the calculation, estimates, guesstimates, ………… of the total loss actually incurred by the state and how did the bond thugs siphon off the profits?
–
As you know I am bit thick and hope you will be able to explain to me step by step as to how the whole scam happened.
Thanks in advance.
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whywhy / September 30, 2018
Simon De Silva ,
Just before 80s , Srilankans , sun-dried Jack fruit , bread fruit and
lemon and few more vegetables for the use of off-season . The
practice is dying off with the emergence of New Fashion Food
culture that has taken even the villages by storm . In the old days
irrespective of rich or poor , every household had large clay pots of
sun-dried vegetables and even cooked rice . That housewife of
yesterday has been assassinated by a wave of Beauty Salon in every
corner of even far remote villages today . I see Srilanka only as a fail
state because of its GREED AND RACE to beat each other regardless of
their ability . THE WHOLE OF THE COUNTRY IS ON THE STREET TO
FIGHT FOR THE BEST ! This is something that was not prevalent
before seventies in such a scale . All politicians , scholars , academics
and the clergy are responsible for this epidemic ! When the country
found a way to earn one thousand dollars , they also found a way to
spend ten thousand dollars ! And year on year the situation was left to
rot ! Today Mangala has only announced a political gimmick in
suspending car permits for politicos .In fact car imports must be
reduced and only foreign exchange earners need to be allowed to
import vehicles for their use without question . Use of sugar can be
controlled by awareness among the public through programs to
reduce consumption that has escalated to historic levels . New fruits
and vegetables from overseas have come into use while we do have
about twenty varieties of fruits and another twenty more kinds of
vegetables . The western consumers don’t buy fruits and vegetables
that they have no knowledge of and we Srilankans , ANY RUBBISH
THAT IS NOT LOCAL , IS A DELIGHT FOR US ! This is suicide and is
exactly what we are now talking about .
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Simon De Silva / September 30, 2018
Whywhy@
Thanks very much your thoughts. No matter food items may not be quality wise fine, but they would be available in Food City or the like markets,, people are made to believe they shoudl go and buy them. If their neighbour would do anything, they would do anything without thinking twice. This is the cutlure that is addicted to the people today.
ANY RUBBISH
THAT IS NOT LOCAL , IS A DELIGHT FOR US ! this is the exactly the problem.
But EU coutnries, if they import food items, they dont consider them as foods with high qualities. I am used to buy GREEN beans from the markets in Switzerland and Germany, but I always find the locally produced beans are much more expensive than those imported from Egypt or the like countries.
Media should pay a big role to change the attitudes of people. But how can we expect it from LANKEN media whose behavour is beyond comphrehensible.
Not even good news are transmitted by them.
This is a really big issue today. They keep on spreading even fart would have hurt Rajapkshes, but keeping away valuable news from the very same folks.
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Simon De Silva / October 1, 2018
See, we ve got Rambutan and other fruits in SL plentitly avaialbe in those seasons right ? Most of them are not packeted and conserved for later use. Our people have been influenced by wrong attitides like for exmaple they believe frozen vegetables could harm them or so. But european food technologists and researchers have proved, frozen food too have the same quality as is the case in fresh veges AND fruits. Beries of various sorts are also available in Winter seasons in eruope. Peas and other veges including potatoes are aviailble in europe also covering the needs of their winter times, just becusase they are used to convere them using their conventional methods. German and SWISS farmers are the best because they would not use any kind of chemicals or less of the kindfo methods in food conservations. I know it by mself, how germans are doing it holding to national wide laws that are very strict within all the provinces.
All my thoughts came up having watched the way some lanken farmers thorw away the nicely grown tomatoes. I questioned myself, why the people are not used to sundry them .. and prepare the lots for later use. If our great mothers in the past could prepare delatukos or kos that way, why these farmers today have failed to see the kind of new ways to make use of their products.
Even some milk farmers throw their milk as an act of protesting, but they could make some other milk products if they are learnt to use them for cheese production or any other youghurt or so.
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M. Sajjad / September 29, 2018
Now only the vehicles and in a week or so, more items will be included, and this will go until some essentials. That will temporarily stop dollar going out. What are the plans to bring in ? Create an artificial tsunami? More maids? Let’s hope our doctors won’t hold another nation-wide strike on this temp ban.
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old codger / September 29, 2018
Excellent, and about time this was done. We have been living beyond our means for far too long. Further items to be banned outright: Air conditioners , Mobile phones over 10,000 in value, TV’s over 25″, any beverage costing more than Rs 200 /litre, fridges over 60,000 in value. Also provide incentives like a decent interest rate to NRFC holders.
Couldn’t the govt have done all this before India did?
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edwin rodrigo / September 30, 2018
old codger, don’t tell me you guys are still using mobile phones of Rs 10,000. Tell me that our army is using stone axes as the preferred weapon, but don’t tell me that you use 10K phones. If that is happening then I am not coming back with my sacks of Dollars, EU and Pounds in addition to the 24 carat chain pota. They may waylay me on the way from the airport.
.
Here if you are seen using a phone worth less than Rs 100,000 you are considered as a guy on dole. Why, even the beggar woman sitting outside the mosque in our area on Fridays comes there driving a 2018 Lexus.
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old codger / September 30, 2018
E.R,
Actually I use 2 phones, one which fits in my shirt pocket and does only calls and SMS (1500 bucks), and the (not-so fancy ) 6000 Rupee Android for Whatsapp and stuff. I don’t see any need for I-phones and suchlike, though my kids might have different ideas.
I don’t think anybody is desperate enough to waylay me.
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Sam Fernando / October 1, 2018
You know it is just lankens buy them for 10 k or 20 k as duplicates . I think they have got qualitity groups for ASIA and Europe. At the time, I was searching for some computer accessories in Australia, the quality i noticed there down was much lower than we get used to in Europe. Chinese products are every where, but you also need to check the qualities before going to buy them.
Even a J3 Samsung Mobile would cost 150 Euros or moe in Europe.
I bought my S 8 for 500 Euro or more few months ago.
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Save The Nation / September 29, 2018
Well done Hon.Minister .
Good start Sri Lanka has become a dumping ground mostly for used Cars, its time you ban it forever and allow only brand new vehicles ,and get the Vehicles importers to get rid of all the Vehicles dumped before they try to import anymore ,.
Hope to see you take action on other non essential goods too .
You need to Freeze import on as many as possible of non essential goods at least for a year .
Please help the middle income folks to instal Solar systems by reducing the duty and offering long term ,low interest loans with easy access without much redtape.
Thank you Hon.Minister of Finance , your initiative is well appreciated .
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Fathima / September 29, 2018
Save The Nation,
Ha..ha.. they are talking about meeting both ends. You thought they try to make more savings to give you solar?
These middle-income folks are the biggest problem to the country, they don’t develop and country does not develop. These lazy folks always want to live on Govt’s sahanaya..
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Mohamed / September 30, 2018
Save The Nation, yes saving the nation from dumbs like you is the most important thing at the moment. There is nothing such as “non-essential” in the world. What is non-essential to you is essential to someone and you or the govt can not decide on that as long as the someone can afford to pay the tax and buy it. Why Sri Lankan mindset always thinks that rice, parippu, sugar, potato and onions are the essential things?
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Nettabomman / October 3, 2018
Save the Nation
I am sure you are aware the Used-Car/Luxury Car importing Mafia get hold of every Finance Minister appointed and pay him to do their bid. Ravi K was the worst and greediest offender. Our MPs/Ministers have taken all of us for a Grand ride. The poor and the Middle Class rot and suffer. Who cares? All you need is to have a powerful priest in your pockets – and everything goes tickety-boo. These yellow-robed Mafiosi will do anything for money – as the very pious and holy Gandassara, tranced in his Mercedes Benz, had shown us for years. I am sorry for the few and decent senior Monks – educated and not for purchase. Yes indeed. Fortunately, there are many such all over the country living by the Dhamma.
Nettabomman
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K.Anaga / September 29, 2018
The fall of the rupee did not come up suddenly. Slowly but steadily the rupee was losing its equilibrium.but the government did not care to asses and take action for fear of antagonizing the business friends.Of course it is better late than never. However the drastic measures taken to bubble up the rupee against the the Dollar should go on until the Rupee Stabilizes at Rs.150/=
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Good Sense / October 1, 2018
Yes! the authorities were under anesthesia. But it is the business friends who live on frittering the foreign exchange found that they no longer could afford the imported comforts for their rupees earned and started crying that the rupee is falling. Some temporary drastic measures may be taken for the stability of the currency but the reality of the issue is the balance of trade. In the long run, the best effort should be taken to export, even clean air to China. Mangy should convert his “Gamperaliya” (a term perhaps borrowed from Martin Wickramasinghe) to have exporting villages with a steady market. This Government must put pressure on its business friends to export.
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JD / September 29, 2018
Why did Ranil and the bond scam group have a Economic review program only since 2020. Why they did not talk about economy until 2020. They are still thinking to take over the 11 billion that Arjun aloesius has. RanilMangala duo reduced Import Tariff to automobiles and wanted to cut taxes for Foreigners. Sri lankan Stock market is only for foreign companeis which would drain the foreign money in Sri lanka.Even here, Mangala Exposes a way how politicians who are not ministers earned cash for the elelction. they import a car every year and sell it ?. How about RS 5 million each elelctorate gets and Rs 20 million Each MP gets eventhough they are not responsible for any elelctorate.They are also hasve the capability to offer contracts as they are the heads of the development authority of each elecorate. Anyway, this is why I am saying Sri lankan economy is set up for foreign companies to thrive. After the next elelction, they will ask companies them to run. For Example, INSURANCE is very popular in Sri lanka. Now Sri lankan insurance industry is run by foreign companies. What happened to Sri lankan insurance corporation.Insurance agents know eaxtly how many diasters happen how much they would have to pay. IF it exceeds the limit they ask govt help.That is another legalized FRaud. Sri lankan women in the middle east are sending $ 5-7 billion every year for decades. what happened to those. check with the PETROLEUM CORPORATION, it is well known every politician gets petrol/diesal from them and do not pay.Politicians do not like govt phones. they have mobile phones from foreign companies and govt pay those and those are humongous bills and all the money goes overseas. How about the foreign investments of amny ministers in India, England, USA, australia, vietnam, UKRaine I suppose, Malaysia, surinam, MAcau, HOng Kong, PANAMA PAPERS.
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Rohantha / September 30, 2018
Out of all the Ministers in this government including the President & Prime Minister , only Mangala can take a decision like this & stick to it, no matter what.
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maalumiris / September 30, 2018
Lets see how long this “decision” lasts ! I give it a month of life
Soon the President will issue a directive to allow importation of Super Luxury cars for the government goons otherwise all his supporters are going to jump ship and swim to the MaRa Boat which is waiting close by with a promised cargo of Duty Free permits for all kinds of goodies.
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GD / October 1, 2018
The best option is to make this ban permanent and give a free bus & train pass to them.
We will then see a lot more attention to improve the public transport system.
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wannihami / September 30, 2018
“Importers of all vehicles, except buses, lorries and ambulances, have been instructed to keep a 200 percent cash margin at the time of opening LCs.”
A classic case of missing the bus, pun intended.
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WalaGembaRaja / September 30, 2018
What economics or finance can we expect from a Battik dress designing f**got like this or a former bond scammer and thief like RaviK. The latter admits he is a professional accountant and an expert in “Ganakadikaranaya”. Ravik ended up discrediting and vilifying not only this government but also disgracing his both Royal and St Thomas Prep. I wonder why Manga did not take his side kick with him to the event at Royal. This Rupee depreciation is not solely because of the US Dollar or the US economy strengthening. If the US economy is strengthening, then the Feds will not increase interest rates there. The US stock market is not a reliable indicator to measure a trillion dollar economies or their money supply and circulation. The US economy looks strong because of the ongoing trade war, strong nationalistic and hostile trade policies of the Trump administration. The investors are fearful and not willing to keep their dollars within foreign states and reserves in fear of nationalization or retaliation by states such as China, India or even the EU. It is because our Sri Lankan GDP growth has stalled and the growth expectation have been grim as noted by the ADB, WB and IMF since 2015 is why even Moody’s downgraded Sri Lanka growth estimates and issued a warning to investors to heightened risks with FDI’s (Foreign Direct Investments). Few of the contributing factors for our grim economic forecast was the following, according to Moody’s; “Government debt is about 75% of GDP and remains among the highest of the emerging markets.The government’s high debt payments and bloated civil service cadre, which have contributed to historically high budget deficits and low tax revenues, remain a concern.” The entire publication of our bleak economic outlook is published in a factbook by Moody’s Analytics. Now, Dr. HarshaW is capable to absorbing all of this and applying the theoretic although I know he is sidelined.
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A.D.J. Perera / September 30, 2018
The truth is the actual fall of the SL Rupee has not begun yet.
You cannot flog a dead horse to life, can you? When the economy
inevitably collapses soon and mass disorder sets in, it is then the
people will begin looking for those who ruined their lives and that
of future generations. No point in blaming the Tamils, Muslims, India
and the World Bank. Our political hench-aiyas have progressively and recklessly bled the country since the late 1950s. The gimmick of Rs.10,000 salary increase to public servants, luxury cars to MP and other are losing steam. The punnakku-eating yakkos, who thought they were smart asses will wake up to reality and
accept they have not only been fooled but for decades fooling themselves. I feel sorry for the younger generations and those to come. Sri Lanka is condemned to get back to the stage akin to that when Leonard Woolf wrote of the Village in the Jungle.
ADJP
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JD / September 30, 2018
WE can have many theories. Only thing we do is sending what very money we have to foreign countries, how can we maingtain the value of iur local currency. Mangala doe snot understand anything. This statement should be made by the CB governor. Mangala says he knows every thing. It was for the students, that was OK. They did not understand it. It was only teachers who were VIYATHUN there. They did not care rupee crashed or not as long as they could go home without getting caught in this pre-election drama.
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Rajash / September 30, 2018
Surley ; import of vehicles is not the cause of the rupee depreciation?
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kolla / September 30, 2018
No one is talking about the millions of US dollars that have been taken out of this country. There are several local businessmen who have always lived here, done business only here and yet have millions of dollars in Swiss bank accounts. In some cases even their wives and children have such accounts.
There are also politicians with big bank accounts in Singapore and Dubai.
How did this happen ? The Serious Frauds bureau and Income Tax Department are not interested or not serious about their duties !
These businessmen are close friends of the powerful ! There is no social revulsion ! Only admiration for the big money !
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K A Sumanasekera / September 30, 2018
Maggie is pretending to shut the Stables after the Horses have bolted.
Who is Maggie trying to kid?…..
UNP thoroughbreds like Poodle Club Baby Sujeeva bolted with LKR 34 Million of Tax Money.
And gave the Permit to a Rich Muslims to help the Muslim guy avoid paying LKR 34Million to the Tax Office. .
Plus forced our hard working Sinhala and Muslim maids’ FX earnings to pay for the Luxury Vehicle.
This is just one example and there are 225 such Permits in Total among the current lot of Politikkas in Parliament..
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That is how Maggie and his UNP Yahapalanay Economics have been working since Jan 2015….
Now Maggie wants the Colombo Elite to stop drinking Wine and eating Cheese as a bite..
Only Donkeys will believe this can stop the Ass falling off the Yahapalana Ruppiah….
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rbh / September 30, 2018
Today announced a series of drastic reforms that would come into effect from today itself.
Agreement made for continues import of business products or the said goods from foreign countries when it is suddenly stopped there will be an impact.
Why not support in developing export capacity.
When we stop imports countries will be stopped from reaping international benefits.
Global markets trade must be balanced by global values trade mutual benefit.
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Plato. / September 30, 2018
Way to go Minister Mangala. Why not suspend Duty-Free vehicles for MPP PERMANENTLY RATHER THAN ONLY AN YEAR.Nagananda Kodituwakku had been canvassing this issue of Duty -Free vehicles for MPP and the loss to the Taxpayer for quite a while.
Better late than never!
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whywhy / October 1, 2018
Plato ,
“Why not suspend Duty-Free vehicles for MPP permanently ?” Bcoz ,
that is one of many reasons why they chose to be M Ps ! Are they really
busy in their electorates or Districts ? Do they come to parliament
regularly ? To put it differently , they feel (unnecessarily) low without a
private transport ! And another way to put it , they want to stand out above
the rest , if possible the best ! One or two exceptions to this perception should
be discounted . We rarely see an M P like Wijayananda Dahanayaka , Panini
Ilangakoon and lately Mano Wijeratna . I have seen Mano Wijeratna travels
on a private bus from Kandy . None of them are with us today . JRJ took good
measures to even pay them a pension after a very short term of service . But
nothing seems to make them any happier or content . So greedy a Nation !
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edwin rodrigo / September 30, 2018
Great! Now that the politicians have had a spree of importing luxury vehicles, further imports would depreciate the profit margin they would get by selling these to drug traffickers, underworld fig etc. these being the only one who can afford those prices.
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Don’t worry. Once things settle down, the doors will be opened up again.
.
If one wants to sabotage investments, especially the foreign ones, there is no better way of doing that than by demonstrating that the government policies are like the weather. A bright sunny day can turn out to be a rainy one suddenly. The uncertainty is the real attraction. Everyone likes surprises.
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It will make it impossible for anyone to draw up a business plan. That makes business in SL all the more thrilling like a ride down the Kelani on a white water raft.
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whywhy / October 1, 2018
edwin rodrigo ,
Spot on mate ! One day , talks about million jobs and the next day existing
ones collapse ! From day one of independence , not only singers , politicians
also started to sing BAILA about developments and a future . They still
believe the money world earned their money out of foolishness ! They think
they can go on borrowing beyond their capacity to distribute freebees
non-stop in competition by every mad lot that is lying through all the holes to
catch power . What is “work hard” could be possibly understood in our country
only by the House Maids working in the Mid East and the Employees of Export
Garment Industry. They are the most insulted in the country while solely
depending on them for Dollars ! Such is the quality of our ungrateful fellow
countrymen !!! Do they think the world is not watching them with disgust ?
People are divided into Races , Religions , Castes , Languages , Classes , High
and Low jobs (our great inventions) , Regions , popular and other Schools and
you name it , every single thought is about being divided ! Schools and
Universities just produce Parrots and Swollen Heads to RUN THE COUNTRY
AND MAKE IT PROSPEROUS . Money is wasted on everything , sometimes
very hard-earned ! There was a time generally families had three to four
children and that got controlled to one or two with so much ease by Family
Planning for a better future and now even that one or two is being raised for
EXPORT ! One class raise children for Mideast and the other class for the West !
When the West started to say ” No , Not here anymore” , Ship containers and
boats were hired to ferry them across illegally , live or die missions ! This is
the plight of our country ! Now , no more families in the country !
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Isharath / September 30, 2018
Mr. Mangala,
Can we look at the Rupee issue with “fresh pair of eyes” and plan for a better future?
Thank you.
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rbh / September 30, 2018
When you stop import they will stop Export from us countries will stop buying tea.
We will reap the same treatment from other countries sudden move
Eminent for potential dangers the Treatment is enabling people for production.
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Mallaiyuran / September 30, 2018
Government is planning based for election, not for country. Government’s explanation for the dollar appreciation was President Trumps’ wrong economic policies. Government’s explanation for Rupee’s depreciation was Chitanta Government’s loans and white elephants. Now government placing a temporary hold on mainly politicians luxury item, car. They hope to make, by this, Modaya World to feel the Yahapalanaya was practicing austerity and benevolent habits. I have no clues if this will turn anybody thinking from “You want one country or you want two countries”.
Now currency is floating. That is practically allowing it to reach it’s parity with others in the market. An artificial interference is only an attempt to beat that grand object. Any temporary measures on durable goods it will reflect on the rate as soon as the ban is relaxed. If a minister is waiting to buy car he can wait to do for even five to ten years. Practically one year has no effect at all on that decision. But say if a man’s lunch is taken off for 6 hours, he will have only diner after that, but will never go back his lunch. That saves the foreign exchange. So, under all circumstances, this action is postponing the depreciation until the election tussle is over. But, after that, it will take a steep fall. This is what happened in 2011/2012. It is not new!
But nothing to worry about it now because if Old King is on the driver seat that time he will do some better Jilmart than Mangala and keep the Modaya crowd cool, then too.
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K A Sumanasekera / October 2, 2018
Mally..
Who do you call Modayas Mate?…
Over 5 Million inhabitants and their families didn’t believe that they can assemble Folks Wagons in Kuliyapitiya .
Neither they wanted to build Pirelli Tyres in Horana.
They only wanted to do the simple jobs which they did before January 2015.
–
UNP suckers who got free Car Permits , Free Land, Plum Jobs , and big Ass Santhosams, are definitely not Modayas either…
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Did your Buddies get anything Mally, besides Dr Mahendran and Sil…
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whywhy / October 2, 2018
K A Sumanasekara ,
Over 5 million Inhabitants did believe in a SHIPLESS PORT !
They did believe in an Airport for Snakes ! They believed in
Conference Hall for curd makers ! They believed in a Stadium
for Rajapakha babies ! They believed in a Museum for Rajapaksha
Grandpa ! They believed Tamils can be finished off if VP is no more !
They believed Mosques and Churches are not wanted anymore !
And they believed THAT SRILANKA IS THE PROPERTY OF
RAJAPAKSHA FAMILY , THEY ENDORSE THIS ! Are they not MODAYAS ?
The state machinery is full of UNP , SLFP , SLPP and other small party
suckers for generations now mate and don’t worry the system is in the
blood and will be sitting there to the END OF THE WORLD !
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maalumiris / September 30, 2018
Another windfall for the politicians !!
The permits they already have to sell, will have now risen 10-fold in value!!
Well Done Minister Mangala!!!
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justice / September 30, 2018
It is well known that vehicle permits allowed to MPs are “sold” for hefty profit.
Court case by activist Kodituwakku with regard to this “official corruption” was disregarded by the Supreme Court – thus entrenching this corruption,
At the same time, each MP has several state vehicles & drivers.
This corruption is “allowed” by the government, while commuters suffer in buses and trains.
This new rule may curb this ‘official corruption’ – there will be severe opposition.
How about limiting “official” jaunts abroad too – recently, the President was reported to have taken family members and others whose presence was not necessary, to the UN General Assembly – will he set an example in the future?
This “sale” of permits, means that MPs do not need vehicles. Official vehicles and drivers, like for senior public servants who have to maintain ‘daily running charts’, are sufficient.
W. Dahanayake, former prime minister, entered his official residence with a suitcase, left with one, and boarded a bus to go home when he lost his post.
https://en.wikipedia.org/wiki/Wijeyananda_Dahanayake
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RJdeS / October 3, 2018
If President Sirisena is honest and clean as he claims, will he publish a list of names of those who were in his delegation to UNG/New York recently. The list should include their positions and other details why they were in the team. I recall during the austere times in the 1960s Mrs.B she went to Paris for the WB/IMF/Aid Sri Lanka talks via Air Lanka (Economy Class) with 2-3 Ministers and a few senior officials connected to the Finance Ministry. In recent times all sort of uneducated perathayas, gembas, sevalayas and pandankarayas are members of the Presidents entourage – all names kept secret. No wonder the country is bankrupt.
RJdeS
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Save The Nation / September 30, 2018
@Farting farti mo
Did not know you are such an idiot .
Either you are an idiot who have no idea about the middle class ,or you are a wife ,mother ,daughter or in law of those who profit in organised crimes ,from hit man ,drug peddling , smuggling ,under valueing invoices at Customs ,smuggling tobacco ,involved in everything ,even human smuggling ,everything that robs the revenue of this nation to total destruction .
Only people who are involved in illegal income will be upset in such rules being enforced.
Middle-class are thee only people who have class ,they never go for handout to government or to their religious organizations, friends or family ,they rather starve ,sell what they have to educated their children and take care of their family.
Get it right in your heard the terminology you fart
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Fathima / October 1, 2018
Save The Nation , The reason why you are still middle-class and having to depend on govt Sahanaya is that you think those wrong-doings are the only ways you can come forward in your life. Because of your idiotic mindset and inability to prosper, every settled person is seen as smuggler to you. Come out of starve and “kidney-selling-to-educate-kids” mindset first. You have big inferiority complex in you
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Amila W / October 1, 2018
Save The Nation,
“they never go for handout to government” – You just asking Govt for solar started started this conversation with that talkative lady, remember bro.
Just within 2 comments you showed different colors, how can a nation trust you to eat Paripu for 6 months?
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Save The Nation / September 30, 2018
@mohmed we are trying to save the nation from.smugglers like you who believe kudu (Drugs) is number one essential item
yes you dumb ass not me ,if we have to eat paripu and rice and live for six months we will to save our country from you guys robbing it by smuggling .
We will end smuggling at any cost ,so just try to live by the norms of what your Prophet had thought you.
Live like him in a minimal lifestyle ,you freaking hypocrites
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Mohamed / October 1, 2018
@Save The Nation, Bro, did I upset you? Other than dumbs, what else can be a better name for a guy who thinks Parrippu an essential item? And then asking an already bankrupt govt to offer him Solar?
And now you want to live on Parrippu for six months and save the nation from non-existing threat? Were you eating grass when MR robbed the country to the point that you are all set to eat just Parippu for 6 months???
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Save The Nation / September 30, 2018
Dear Hon.Finance Minister .
Please Promote in creating Solar in large scale ,encourage those who are in it , encourage them with incentives reduce taxes and duties on Chinese made Solar panels, if we sincerely promote it ,by and by we can reduce the dependence on oil ,which is the main curse in the world ,people,little babies are killed for it ,our oceans and environment are destroyed by it ,it is only good for the Arabs to earn and waste ,no good ever came out of it.
If we can generate enough energy from Solar ,God ,Sri Lanka will be paradise ,just imagine ,electric cars to electric cookers to cook our food, Iron our clothes ,air-conditioning, clean ,clean living and imagine how much of good clean businesses and jobs we can create ..
We need to spread solar to the villages too ,off grid interior areas ,get the poor unemployed trained to install .
Please give it a serious thought .
We must completely crush the smuggling network ,The government must table a paper to the cabinet with a new law ,where a smuggler is caught with anything his entire assets should be confiscated and his civic rights should be revoked for minimum 3o years.
These are the main curse who are destroying this nation
How come the bastians who want to save Buddhism ,Sinhalese and Sri Lanka have never ever demanded to end smuggling ,?? It makes one wonder why ?
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Save The Nation / October 1, 2018
Dear Hon.Minister of Finance
————————————–
Quote:
In a News item you were stating that it is hard for you to believe that people in this Country have no money
—
I am taken a back at your ignorance ,no offence meant .
Where does these Money Come from?
1) Illegal activities of fake religious NGOS(Affiliated to all religious groups)
2)Drug dealers
3)Human Smugglers
4) with total impunity from.the Governments , engage iin wild life destruction, Sand and quarry mining ,illegal Coral mining ,illegal fishing activities, robbing the country and destroying it.
5)Smuggling essential &non essential goods (total robbery of Nation’s Revenues)
6)Tax evation, irregular Tender Procedures under the table.
7)Tree fellings and smuggling protected species.
——-
The main reason is not the car madness ,this is how they make black money white.
Just come up with a mechanism to provide a one time Amnesty and give a fixed time frame for people to Bring out their black money and deposit it in any bank they want on a FD for no less than 5 years and tax it on a higher rate than the others .
And just ban big Jeaps and super luxury vehicle and permit it only to the Tourist Industry .
There are million and one things you can do
Today people in urban Areas are living in hell souranded by garbage not collected by workers , souranded by industry and stores producing pollution.
Bring in all religious NGOs strictly under the preview of Min of Defence and restrict each of them under established Temples,Churches and Mosques who will be held responsible.
Is not the group in question for plan terror and assisination of VIPS A NGO in making ?
Gota had them all restricted except the German one which was funding a radical group,
I wonder when we are ever going to make it with peoples mostly selfish minded.
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Save The Nation / October 1, 2018
@maligawatte modamet & Mariyakade farting fartimo ,The partners in Crime !
me upset ? Lol
Me upset ?Lol
My mindset lol
Go look in the mirror
Go to the customs and check who is smuggling mostmost & cheating ?
Check who brings in most kudu ? (Drugs )
Go to any government auction peanuts to damage cars etc and meds who plays under hand
Go ahead and make my day !
LMAO
Your brotherhood.
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Fathima / October 1, 2018
Save The Nation,
We don’t necessarily have to smuggle to get rich. we know the trick what to sell, to whom to sell, and when. And I hate guys like you, who memorized fat books from childhood to adulthood, wasted my tax-money on free-education just to get an outdated degree to fight Govt for job – Still, depend on Govt freebies? I doubt you even wear an underwear because the Govt does not give you free .. :)
Please do not bother reply it does not look like an argument between the similar minds. Your mindset is in a complete different segment, if you understood what I mean – But I did not mean to insult you
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Save The Nation / October 1, 2018
Dear Hon.Min.Finance ,
Kindly request the Sathose to import Amul Cheese and butter .
Its very good standard and cheaper .
Please make it available at Sathosa for a concessionery price with reduced duty and taxes ,so the poor from all communities also can buy their children Cheese .
Please take care of the poor on earth ,so the ones in heaven will take care of you Sir.
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old codger / October 1, 2018
Save the nation,
Amul cheese costs about 450 SLR (250 gms) in India.The taste is better than Kraft . The taxes here are higher than in India. Imported Happy Cow cheese costs less in India than in SL.
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Save The Nation / October 1, 2018
Farting fartimo &Modemot (The Partners in Crime )
Oh OK ,bosha ,
What to do we will live off the government subsidiary ,after all we are not so clever like you guys no , to do smuggling ,Kudu (Drugs) etc ,etc ,for that ypu need special talent no ,and then go on pilgrimage ,build moscues and makaras schools with all the ill gotten money .
Good for you
,
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Mohamed / October 1, 2018
Save The Nation,
Apart from going on pilgrimage, build mosques and madaras schools, those Muslims also pay the taxes and the ill-gotten money is mixed in your education, your kids education and govt subsidiaries and in state sector salaries also – so heavily govt dependent you are also indirectly part of it? And do you how many saint non-Muslims live luxury lives off those “Pagawas” given by those doing smuggling? Why the drug trafficker and mobster lists are mostly occupied by non-Muslim saint names, whether the list is waiting sentences or being searched?
Other than Tamils, numbers of drug traffickers goes as per each community’s population percentage, Tamils are less in comparison with their population but definitely they are also there.
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Save The Nation / October 2, 2018
Amila ,useless replying you ,you have not even understood the simple comment .
You are talking via your backside .
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Save The Nation / October 2, 2018
we have a saying in Sinhala ,even if the mouth want to tell lies the tongue never tell lies .
Fathima yes we all know you people are not smart only tricksters nothing else in the brain only trick the poor people ,that might be including mainly smuggling you dumb dumbi
mohoamed agree you people spoiled all pour peoples innocent minds and abuse and misguided to taking bribe
so roight from the mouth of the partners in crime .
lol lol lol lol lol lol lol lol ha ha ha
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K.Pillai / October 2, 2018
The Mangala method of stopping currency depreciation is so ig it has been forwarded to the igNobel Committee. Sure winner. Watch this space for the igNobel Prize in igEconomics!
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