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Sunday October 2nd, 2022
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Food prices up 94.9-pct in the past 12 months
Due to current economic conditions social problems were worsening,
Now, we are going to run a Currency system which means that the moment we earn less, we spend less
Had a productive discussion
Gross Financing Need projected to be over 30-pct of GDP without re-structuring
The national index is running a little ahead of the Colombo index
We can make the Mannar Island like entertainment location like Macau island
.Reserves have been around US$1.7bn since March 2022
"But this time, because of this special situation that money can be used to finance the fiscal deficit as well."
This is an important step forward for Sri Lanka
Sri Lanka's debt restructuring is caught in geopolitical cold war
It is important to continue on this path with determination
Has to raise more tax revenues, re-structure debt
Food price rose 93.7 percent in the 12-months to August
The country is yet to see the impacts of economic crisis easing.
Hopes to stop money printing
| Latest | Last | |
|---|---|---|
| US Dollar | 369.9103 | 369.9103 |
| UK Pound | 412.4602 | 400.9490 |
| Euro | 364.6306 | 360.0342 |
| Aus Dollar | 242.2604 | 241.7927 |
| Yen | 2.5686 | 2.5748 |
| Latest | Last | |
|---|---|---|
| Indian Rupee | 4.4529 | 4.4476 |
| Korea Won | 0.2535 | 0.2528 |
| Oman Rial | 942.5852 | 942.5852 |
| Saudi Riyal | 96.5609 | 96.3494 |
| UAE Dirham | 98.7994 | 98.7994 |
| pts | % | |
|---|---|---|
| S&P SL20 | 3,165.33 | -0.11% |
| CSE All Share | 9,931.07 | -0.21% |
| Turnover Rs million | 2,578,258,401 | 3,017,534,901 |
| Latest | Last | |
|---|---|---|
| 3-m bill | 29.35 | 30.31 |
| 6-m bill | 28.29 | 28.51 |
| 12-m bill | 28.44 | 28.26 |
| 5-yr bond | 25.26 | 25.30 |
| 8-yr bond | 25.87 | 26.01 |
| today | yesterday | |
|---|---|---|
| Overnight Money | 15.50 | 15.50 |
| Gilt Repo | 15.50 | 15.50 |
| I-m SLIBOR | - | - |
IT industry also hit from ban on computer items
But now even without the bridging financing we are managing the situation
Expat workers can claim duty free and other benefits by sending money through Lanka Remit
Food prices up 102-pct since money printing accelerated in Feb 2022
IMF talks to continue
Pure floating exchange rates and a fixed exchange rate with a currency boards are free-market mechanisms
Reserves depleted for debt repayment, imports and some capital flight
Then we can approve only in September
Non-oil imports collapsed 35.6 percent to 1,026 million US dollars.
We need to only remind ourselves of what happened to Greece and China (KMT) - D S Sennayake
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