6 July, 2022

Blog

Ranil’s Committee Clears Arjuna Mahendran

A Three-member committee appointed by Prime Minister Ranil Wickremesinghe to probe into the controversy that has emerged over the issuance of Treasury Bonds has today said that the Central Bank Governor Arjuna Mahendran had no direct role in deciding to accept bids over and above the one billion rupees stipulated in the 30-year bond tender and accept up to 10 billion rupees.

Arjuna

Arjuna

Issuing a statement the Ministry of Policy Planning and Economic Affairs said; “The Committee concluded that there was no evidence to the effect that the governor had direct participation with regard to the activities of the PDD and the Tender Board Committee.”

We publish below the statement in full;

The committee of eminent lawyers which inquired into the 30-year Treasury Bond issuance has made far reaching recommendations to ensure transparency and better governance at the Central Bank.

The three-member Committee had interviewed a large number of individuals, including the governor, officials from the Central Bank, primary dealers and Perpetual Treasuries.

Several deficiencies in the bank’s Public Debt Department (PDD) which handles all matters relating to servicing the domestic and foreign debt of the government of Sri Lanka was observed by the Committee.

“Since the PDD is dealing with the most sensitive information of the government, the committee is of the opinion that a proper supervisory and monitoring mechanism has to be immediately implemented with regard to its activities,” the committee said in its 19-page report.

However, the committee found that Governor Arjuna Mahendran had no direct role in deciding to accept bids over and above the one billion rupees stipulated in the 30-year bond tender and accept up to 10 billion rupees. The PDD had projected the government’s funding requirement as at 2nd March 2015 at 13.55 billion rupees.

“Even though the minutes of the Monetary Board number 4/2015 specifies to issue a 30-year treasury bond, the amount of the bond has not been decided by the Monetary Board (of which the governor is the chairman).

“This exercise is vested with the PDD as per the Operational Manual of the PDD. The decision to accept the excess amount has been taken by the Tender Board Committee that comprises eight members.

“The governor of Central Bank of Sri Lanka is not a member of the Tender Board Committee.”

The Committee concluded that there was no evidence to the effect that the governor had direct participation with regard to the activities of the PDD and the Tender Board Committee.

However, the Committee noted serious lapses on the part of the Bank of Ceylon (BOC) through whom Perpetual Treasuries had routed an unusually large amount of bids for the 30-year bond.

The Committee observed that the bidding pattern of Perpetual Treasuries was unusual and warranted a further investigation.

It noted that the Bank of Ceylon should also carry out a forensic audit and seek explanations from its Chief Dealer and others on ad-hoc decisions risking a large amount of BOC funds involved in the 30-year bond transaction.

The three-member Committee that looked into the 30-year bond issue consisted:

Gamini Pitipana (Attorney-At-Law) – Chairman

Mahesh Kalugampitiya (Attorney-At-Law) – Committee Member

Chandimal Mendis (Attorney-At-Law) – Committee Member

Related posts;

Treasury Bonds Investigation; Ranil’s Committee Lacks Credibility: Chandra Tells President

Treasury Bonds Deal; Clear Case Of Insider Dealing: Transparency International

Print Friendly, PDF & Email

Latest comments

  • 4
    0

    [Edited out] We are sorry, the comment language is English – CT

    • 3
      2

      Ranil’s committee is a JOKE! If Mahendran is innocent, then pigs can fly and there is NO need for the Central Bank to have a governor.

      The wording of the report is curious indeed and only states that the decision to raise the bid was not taken by Mahendran. It does not tell us HOW Mahendran’s son-in-law was the ONLY person to know about the decision to raise the tender from 1 to 10 billion!

      I suppose a little bird told Arjun Aloysius and his company then bid. This is a classic case of INSIDER TRADING and all professionals and citizens should protest Ranil’s Wickramasinghe and Mahendran’s corruption.

      Ranil is digging his own grave – as usual – and ruining the country’s economy with this nonesensical inquiry by wasting time! A case against Mahndran in the Supreme court s inevitable and it is the people and economy of Lanka that is suffering..

    • 3
      1

      There is a saying in Sinhalese `NADUTH HAAMUDURUWANGE BADUTH HAAMUDURUWANGE, implying both goods and justice belongs to the Judge.

      • 0
        0

        More appropriate saying is
        [Edited out] We are sorry, the comment language is English – CT

        • 0
          0

          More appropriate saying for the situation is”DEVIYANTA KANATA KUNDURA KIWOO DE KAPUWATATH ESEE THIBE” means “It looks as if, what was wishpered to the god ear, has being heard by the pester too”

  • 12
    1

    What is going on? In contrast to this report, today’s Sunday Times says

    “Now, the Committee, whose expertise to handle the task came under severe criticism from the financial sector, along with the fact that they were all ruling UNP lawyers, has handed in its report. Its findings, the Sunday Times learnt, is not all very good news for the UNP. Word was out that the committee had found a prima facie case for further investigation for which they had no mandate. It comes as a major blow to the credibility of the Government speaking of good governance on the one side. However, Government leaders remained tight-lipped and declined to comment.”

    • 18
      2

      Arjuna Mahendran’s gross corruption is affecting the whole economy… particularly the middle class and poor.
      Rather than an urgent and transparent inquiry, conducted by a person such as Mr. Weliamuna, to close this ugly chapter and dismiss Mahendran, Ranil has engineered a coverup.

      Now The corrupt governor of the Central Bank – Arjuna Mahendran has just reduced interest rates to boost the Stock market aka. rich man’s casino in Sri Lanka. His model of “growth” is trickle UP – make the poor pay for the corruption of the rich. Ranil and Mahendran are in a panic because the stock market is crashing.. because of Mahendran’s corruption. So, they have reduced interest rates to force people to invest in the stock market. Those of us who live on our saving and interest cannot live or pay our bills anymore.

      People who worked all their lives and saved money hoping to earn interest enough to live decent lives are being penalized by the corrupt CB govenor. Ranil Wickramasinghe’s economic management is pro-rich and CORRUPT, not pro poor or the hard working and honest middle class… Bloody joke this Yahapalanaya!

      Interest rates have been cut and immediately the stock market casino which was crashing turns around so that Mahendrans corrupt son-in-law can make more money..! Long lie Yahapalanya!

      • 10
        1

        Dodo,
        When inflows are more,
        the supply of dollar increases and it results in rupee appreciation, which is not good for exports.
        Without exports you cannot balance repayments.

        To boost exports they have reduced the lending rate to 7.5% after a lapse of 16 months.

        (BOOST:there was a currency swap of $1.5 billion by Modi when he visited and it has just taken effect – ie will help Sri Lanka keep its Rupee stable- is to curb volatility.)

      • 7
        0

        “Bloody joke this Yahapalanaya! “

        You get what you vote for mate.

        Mara sold to China and defecit is $7 billion in 10 years

        MS sold to India within 100 days $1.5 billion
        (Swap $ for SLR for his industries to function at SL no exchange control regulations required)
        What was the exchange rate used??
        The joke is on the stupid public.
        Island is going back to its rightful owners.
        Jaldi kero kujubi kero- Don’t stare Do something Do it!

    • 5
      1

      RW has started running SL exactly the way he ran UNP for 20 years.

      All this helps deposed, yet resurgent ex-dicator looking for an opening to launch himself again. Somehow.

      Cheers!

      • 3
        3

        so you have no problem with RW ruining SL, if Mahinda is not returning?

      • 2
        0

        Had to agree is it possible Ranil is working his best moves to get him self out so MR can walk back in. What surprise me why did this take this long could have come with the decision with in 24 hours.

  • 24
    6

    Not that the result surprises me, they appoint 3 UNP lawyers so it was expected.

    :-)

  • 29
    5

    The first step to disaster for the new government and its credibility for good governance is dashed.

    The big mistake the previous government made was it manipulated public opinion and made people look foolish. This government follows in their footsteps. Shame! shame! Shame! Mr. RW

  • 23
    4

    To clear the minds of all, further investigations should be done on the public debt dept, as to how they decided to increase the Bond amount to Rs.10 billion and of course BOC making such a quick decision to lend Rs.3.0 billion.

    It may be necessary to read the entire report to understand the further comments.

  • 27
    2

    “…………..he had no direct role…………………………”
    A governor of the central bank must know about every major transaction by the bank.
    In this case, his son-in-law’s firm was involved – hence he surely would have been aware – he cannot deny this.
    Why then did he allow this transaction to go through?

    This ‘report’ appears to be a ‘whitewash’.

    • 23
      1

      The report is indeed a whitewash, by the UNP appointed all UNP lawyers hitherto totally unknown. However, The UNP would not be able to getaway with such a coverup, since the Bribery Commissioner and the courts are involved.

      The tainted governor got to go.

      The Minister in charge is the Prime Minister himself, and a close friend of the Governor. Not a good example of the 100 day good governance government, and makes such claims a joke.

      Donald Gnanakone
      Tamils For Justice.

      • 0
        0

        Donald,

        Got to agree with you 500%.

        Cheers!

  • 26
    20

    The accusation is “insider trading”. So its not a case whether the Central Bank Governor did not play direct role in the Bond issue.

    Central Bank Governor’s son-in-law seems to have known dealings within the bank without which he could not have made such a bid.

    • 14
      0

      What price did he pay- according to you 12% not without AM approval nod- that is SL style if you have dealt with the top in your life.

      The bank also announced today the cutting of policy interest rates for the first time in 16 months. The deposit facility Rate and the lending facility rate of the Central Bank are reduced to 6 per cent and 7. 50 per cent, respectively.

    • 8
      0

      “”Bank Governor did not play direct role in the Bond issue.”

      See Z score at maths is not a sinhala subject but video woman has recommended

      Its a =12.5-7.5= 5% kickback.

  • 25
    3

    Waste of time & energy! If Ranil’s committee had to report on Enron accounting fraud (in USA), they would have concluded that CEO, Jeffrey Skilling and Chairman, Kenneth Lay, are innocent too.

  • 10
    2

    Any top notch politician is a human being and prone to errors, slip ups and miscalculations. An ordinary person has no escape from these types of blunders but the mighty can get away from it all and this was evident considering our former power masters. The govt.says MR did this his sons did that, GR must take blame, BR took all the commissions etc..etc..etc.. yap, yap and yap and hitherto we have seen huge allegations but no action to nail anyone. This issue on this topic is just the same. All are crooks as an ordinary man please keep your mouth shut and get on with your chores as nothing dramatic or sensational is going to
    happen and it is only the voters who are fooled and screwed left, right and center and they love it.

  • 19
    1

    From the begining all the signs looked its going to be a flawed report with you consider the team of inquiry, all UNP affliated lawyers and not specialised in commercial crimes or anyone with subject matter experts like a former Governer of CB etc.,

    Its hard to support insider trading as even for NYPD, they need to start voice recordings of Raj Rajaratnam and his partners in crime and SL police or the political hierachy is so corrupt they will not do much.

    This is bad for the My3 as Ranil and Ravi K got this man as the Governer and that is a cardinal sin when you know his S-I-L is involved in this trade and have a dubious record.

  • 7
    5

    Sri Lankans are parasites.
    Why have other Countries far succeeded our nation?
    They hire intellectual individuals with talent and a grasp for what needs to be done to get the Country forward.
    Why are the UAE, Singapore, Hong Kong far beyond us?
    They hire suitable people with correct credentials to help take the orgNization whether Government or Private to better
    Levels, whether they are citizens or NOT.
    WHats wrong with giving work permits to foreigners to improve our talent pool, whoch is not great.
    1stky English HAS TO BE MADE THE NATIONAL LANGUAGE, Sinhala can come second.
    No other country uses the Sinhala language except the low class people of this country & they too find it difficult to adjust to their new environment without being able to speak a common language
    It’s time that Sri Lanka too moves in that direction if we are to face the 1st world..
    I have lived in the ME and find it so so sad to hear ‘Mali’ , Alka etc when they answer the phone.
    Sri Lankans are a disgraceful race, & I doubt they ll have any future with the spines MS

  • 10
    2

    RW,sorry,people are not willing to accept this.You had a golden opportunity to prove yourself.You simply wasted.
    May be you are destined to be in the opposition.I know you are intelligent and capable,but this is a grave mistake.
    why did you appoint all,UNP lawyers?Some thing fishy.You have to rectify this urgently.Arjun is not fit to be CB governor.If he is in Singapore,LKY would have put him in jail.That is why LKY always say order and Law and not law and order as he said Lawyers can turn and twist facts.

  • 8
    2

    So Ranil, tell us what is your share of the profit? This is atrocious, man was appointed by RW, the committee was appointed by Ranil, Ranil declares him non-culpable. Would anyone believe in this sordid story. I am sure MR will and co will find this a big joke, and would make capital out of it. At the end it is the Sri Lankan public that has been taken out for a ride by the big game hunters. Disgraceful rogues! All the same no matter what color.

  • 8
    2

    It is not the direct participation that matters but the transfer of privileged data, similar to insider dealing, to his son in law. The man must be prosecuted and dealt with, no letting off scott free.

  • 6
    1

    Hi- THE BUCK STOPS WITH ME – Do you know what this is Arjun? Government should sack the [Edited out] forthwith. Then who is responsible for the BONDS – he has given a dowry to this son-in-law. These people are very dowry conscious. NIKAM BORU COMMISSION EPA. This foreign rogue should be reported to Singapore Justice Department for further necessary action.
    Very sad for the Yaha Palanaya. This [Edited out] has spoilt the expectation of 62 lakhs of sri lanka peasants. bye- [Edited out]

  • 10
    2

    P.M. is involved in this matter because he has created the situation through is appointee, the Governor of the C.B., his close friend. UNP is involved. Three member Lawyers, friend of P.M., appointed his own Lawyers to investigate into his own mistakes. No mistakes. Every common man with intelligence understands these crooked methods fo corruption. Ask M.R., he can explain better. Complete new investigation is a must. Its too late now. Ranil W. and his crooks are gone for ever in three days time. R.W. has to go out for ever after 38 failed elections. He has lost his last chance.

  • 8
    3

    The verdict of the committee is to be expected, having its credibility questioned from the beginning. It looked as if that would be the defense material if Arjuna M is required to stand trial. The irony is that while the so called committee of 3 wise men clear Arjuna M the Bribery Commission wan his passport impounded. That it self shows where the direction of the committee is going. But the irony is the 3 wise men say the following:

    “The Committee observed that the bidding pattern of Perpetual Treasuries was unusual and warranted a further investigation.”

    In other words Arjuna M’s son in law’s company’s bidding pattern is unusual but Arjuna M has nothing to do with it. WHO IS FOOLING WHOM?

    The result is that the credibility of not only the 3 wise men but even that of Ranil has to go down which is sad.

    • 14
      1

      “”WHO IS FOOLING WHOM?””

      Buying $10 billion at 12.5% ( They accepted 10 billion at 12.5%. Everyone who bid from 9.5-12.5 got quantities. Perpetual did not get the entire 10 billion as you incorrectly stated)

      CB Selling now at 7.5%

      Kickback 5% this is standard `party` komisson.

  • 7
    1

    If he is guilty or not he needs to be fired for the sake of the Govenment’s credibility. It’s the perception that there is no smoke without fire applies in this instance. If he is permitted to continue as the Governor he will limp along and his credibility and the Banks reputation will be damaged until he leaves the Central Bank.

  • 12
    7

    ““This exercise is vested with the PDD (public debt dept) as per the Operational Manual of the PDD. The decision to accept the excess amount has been taken by the Tender Board Committee that comprises eight members.

    “The governor of Central Bank of Sri Lanka is not a member of the Tender Board Committee.”

    THEN WHO ARE THESE (08)WITH 43 BILLION AT STAKE?
    WHY NO ACTION?

    Nevertheless the BUT is… Son In Laws involment.

    yahapalanaya beats MR within the first 70 days ??????

    • 13
      1

      they plan to feed the voter with a packet of lump rice and vodka with the 5% `party` ko_miss_on.
      What does MR plan to do to counter that now that TG has silenced BBS??

  • 2
    1

    People have taken every thing wrong.

    It is the president who said Good governance and not by the prime minister of the Care taker govt.

    Ranil wickramsinghe proved all along that he is another corrupt politician. He protects himself at the expense of the Country.

    Now, Arjun Mahendran the defendant is not guilty the BOC the complainant is guilty for doing mistakes in the process.

    These are called scandals. It is Maithripala sirisena is the head of the govt. He should Ranil wickramsinghe to resign.

  • 13
    1

    A cover up worthy of the Rajapakes. Well done Ranil.

    • 2
      1

      Paul

      “A cover up worthy of the Rajapakes. Well done Ranil.”

      Commissions are meant to absolve guilt. Police investigations are meant to discover crime. However in this island both produce desired results. A long cherished tradition which will remain untouched for the foreseeable future.

      • 1
        1

        Dear Native,

        These Tender Board dudes must be Rajapaksa acolytes.

        This must be an inside job to “fix” your mate Mr Clean….

        Or is it the Boys from BOC with the Perpetual Rouges and the SIL..

        Poor Mahendran, What do you reckon mate ?….

        • 2
          1

          K.A Sumanasekera

          My elders have no access to the entire operation. However wait for a few weeks or months you might hear some truth.

          “This must be an inside job to “fix” your mate Mr Clean…. “

          If you believe this is another mudslinging spin Ranil should stay the course.

          Alternatively Ranil should appoint insiders to investigate inside job.

          How is your health conditions?

          I love to share a peace pipe with you sometime in the future.

          The Moroccan Ibn Battuta traveled Southern part of the island in the 14th century. Any chance you are one of his descendants?

  • 18
    3

    Where is GAMINI and his 2 cents defending Ranil?

    In most countries not only the CB Governor but also PM would have resigned over such a scandal. Given the CB Governor was hand picked by Ranil.

    On 14 October 2011 Fox resigned from his office as Secretary of State for Defence, following controversy over his relationship with lobbyist Adam Werritty.

    That is the way to do it but then I won’t expect Ranil to have such standards.

    • 2
      0

      Robert.R

      “That is the way to do it but then I won’t expect Ranil to have such standards.”

      Be realistic, this is a thrice blessed island where those who decorate the high offices may have to resign many times over if they are to follow the example set by Fox law.

      Where would you find such honest and responsible persons whom you want to run this country.

      The country is rotten to its core. Nepotism and corruption didn’t start with MR and will not end with him. This is an accepted fact of life and majority people have resigned to the fact that it is a matter of scale and not principle. As time goes by the next ruler and his or her cronies are expected to be more corrupted than the one before.

    • 14
      0

      “”In most countries not only the CB Governor but also PM would have resigned over such a scandal. Given the CB Governor was hand picked by Ranil.””

      Irony;At Lanka they women rarely change to new knickers but Lanka are the makers of Victoria’s secret courtesy chemical engineer Guju.

      GAMINI said (this is true) CBK signed the deed for CBG.- AM.

      Video woman CBK and Ravi what a combination- Game keeper turned poacher all in the name of retaining their class glass, they want to go for ever and ever as the rulers of idiots.

      Where is BBS to bust them?? Tisaranee Gunasekara killed them in a well planned plot- did she not make a international mountain of turf war- how many a dozen chicks that don’t lay eggs??

    • 3
      15

      Robert R

      Your comments are unwarranted. P.M. Ranil Wickremasinghe, as a true democrat and a person thorough with parliamentary procedures and who respects them, made a statement in the parliament and he said when this report is released would be tabled in Parliament and if necesssry they could even appoint a select committee to go into further.

      Parliament is supreme and that is what the UNP and its leader, Ranil Wickremasinghe, is trying to establish. Nothing like the back door business before.

      • 9
        0

        you live in the past low standard but are unsure of the present- tipo lankan.

      • 12
        1

        True democrat, yes that’s why he is holding on to the leadership of UNP for 20+ years ROFL

  • 5
    1

    Headline should be changed to “Ranil’s Committee Clears Ranil’s Man”

  • 1
    1

    Surely the “judgement” is available to the public and should be published ?

    Shouldn’t we read it before we go off at a tangent ?

    This is a very important situation for the future of our Country. If Mahendran is innocent but labeled guilty and if he resigns and goes back to Singapore..no self respecting professional who has a good job abroad is going to come back…

    Who loses from that ?

  • 2
    0

    RW,you done enough for your old friend Chalie Mahendran, who has let you down badly.Enough is enough .Pl.accept his resignation gracefully and let him go and find his own ways.You have the greater responsibility to look after six million voters who voted for you MY3.pl.don’t abrogate your responsibility to bring good goverment or if you cannot do it,give it to younger people like Ranjan Ramanayake.

  • 5
    2

    Ranil W has been a fraud all his life. He jumped in to the UNP through his Uncle JR. Then luckily for him all top leaders, Premadasa, Athulathmuldali , Gamini Dissankake were assassinated.

    It was the misfortune of the country and more so of the UNP that Ranil was not targeted by anyone ( JVP or LTTE)may be because he in fact amounted to very little! So he lives on to make both Sri Lanka and the UNP into smaller entities. If he has his way sri lanka will be run on instructions of Washington.He thinks only expatriates and foreigners know the methods.Or maybe he thinks if he encourages sri lankans they will soon be a threat to him !

    The UNP from being a 50% of the vote party is now a 30%-35% party. Every move by the Ranil led UNP ends in disaster. Now it is a small party waiting for favours from Maithripala Sirisena.Eventually the Taxi driver(colombo municipality)syndrome will happen

    If you ask how RW holds on to power in the UNP- it is only because it is not a democratic party. A few Colombo businessmen and wheeler dealers who have no role in Sri Lankan politics ,except through Ranil, provide him with the control of the party. Arjun Mahendran and his family are part of this small group of very cynical exploiters of the situation.

    • 4
      1

      Harry Hatton

      You are entitled to your opinion and I respect same. However, I differ with your views. Ranil is not controlled by USA or foreigners or Sri Lankan expatriates. He is intelligent to understand the global situations and take advantage of it. It is true UNP’S vote bank which was over 40% had declined to 30-35%. He polled almost 50% or more in 2005 and was robbed off his victory with money’s paid to Prabakaran to forbid northern votes casting their vote. In the subsequent years from 2006 it was all money politics of buying M.Ps by the ruling party which is not a secret.
      Now, with his intelligence he is trying his best to remedy the situation and I am sure he will ensure a UNP majority in the new parliament.

  • 6
    0

    Now it is time that maithri steps in.First he has to appoint a truly independent committee consisting of 3 members who have no party affiliations and ask them to first calculate the loss to the country due to this transaction.Then the people know exactly how much it has cost them because of some crooks.Secondly maithri must see whether the transactions that have incurred the loss can be cancelled changed in such a manner that the loss to the country can be reduced.After that he has to tell the committee to pinpoint those who are directly responsible for the loss and then charge them in the courts with fraud etc.If a loss has been incurred by the country then somebody has to be directly responsible.

    If he does not do that maithri will face mahinda at the general elections screaming his head off about this fiasco and he and ranil are going to lose a lot of votes and seats.

    Ranil was given the chance to clean his shit but he instead covered it up appointing his own lawyers.Though polythene cover after polythene cover has been put over the shit the people are still smelling it.So it is upto maithri now to step in get rid of the covers and clean it.

  • 3
    1

    “This exercise is vested with the PDD as per the Operational Manual of the PDD. The decision to accept the excess amount has been taken by the Tender Board Committee that comprises eight members.

    “The governor of Central Bank of Sri Lanka is not a member of the Tender Board Committee.”

    The matter is still not closed.
    Now go after the EIGHT who made the decision to accept the excess amount.

  • 2
    1

    Gamini pitipana is hardcore UNP supporter, his dad worked for Colombo municipal council and earned lots of money in wrong way

  • 4
    4

    I thought the unelected PM Ranil cleared the CB chief of all charges, even before the eminent lawyers gave the Chief a clean bill of health.

    The CB Chief was subjected to all this denigration for nothing.

    Poor fella didn’t know anything. ,

    He wasn’t even aware that the Bond Board was planning this Rupee Issue.y.

    Now the multi Million Dollar question is how much the Chief will demand from the people who accused him of all those nasty deeds, like commissions, looking after family interests and paying 3 % over the market rate?.

    The chief accuser , our new Elite buddy Anura Kumara wouldn’t have any dosh if he is a genuine JVPer.. Right..

    So it must be our Tax Payers who will have to fork out the cash.

    And our unelected PM wouldn’t hesitate even one bit, to force his mate Galleon Ravi to write a cheque.

    No wonder Ranil’s Economic Whizz kid said that he was waiting for the appropriate time to open the Tenders for the next US Dollar Issue.

    Surely the Singaporean wouldn’t want truck loads of our LKRs…Right..

    • 13
      0

      K.A Sumanasekera,

      Its not rocket science.

      The CB offered 1 billion at a coupon rate of 12.5% as per the newspaper advertisement. They accepted 10 billion at 12.5%. Everyone who bid from 9.5-12.5 got quantities. Perpetual did not get the entire 10 billion as you incorrectly stated.

      . The bank also announced today the cutting of policy interest rates for the first time in 16 months. The deposit facility Rate and the lending facility rate of the Central Bank are reduced to 6 per cent and 7. 50 per cent, respectively.

      Who is kidding whom- cost of electioneering funded by new bank governor it seems with the backing of video girl and ravi in collusion.

      http://www.newindianexpress.com/world/Lanka-Reserves-Expected-to-Boost-from-Indian-Currency-Swap/2015/04/15/article2765683.ece

    • 8
      0

      “”Surely the Singaporean wouldn’t want truck loads of our LKRs…Right..””

      Modi made the Swap with $1.5billion for LKR’s to keep you in the brood.

      Buying 12.5 Selling 7.5 is the governor & syndicato – Waterloo.

      China – Corruption
      China watchers say Zhou punishment will likely match that given Bo Xilai – life in prison.

      As for whether Xi’s anti-corruption drive will continue to reach higher, analyst Pantucci said, “The question for me is whether they will really continue to chase down big figures like Zhou, or if this will be the big cherry on the cake.”

      After that,” he said, “the anti-corruption drive will continue, but maybe, become more of a background story rather than the prominent center-stage piece that it is at the moment.”

      Some analysts say Zhou may offer up whatever testimony he feels is needed for his and his family’s survival.

      “The real question would be who else does he name?” analyst Harold asked. “If you’re in a situation that Zhou Yongkang finds himself in, fully subject to the mercies of the Chinese interrogation services and at the feet of your chief adversary Xi Jinping, what wouldn’t you admit to in order to save yourself and your family?”

Leave A Comment

Comments should not exceed 200 words. Embedding external links and writing in capital letters are discouraged. Commenting is automatically disabled after 5 days and approval may take up to 24 hours. Please read our Comments Policy for further details. Your email address will not be published.