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Tuesday May 24th, 2022
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Sri Lanka decided to default on debt on April 12
Inflation likely to stay around 30-40 pct in the near term
In our expectations the economy will contract at the highest rate than in any other year in history
Forex shortage disrupt energy supplies to industries
Food suppliers have been willing to extend credit to local importers due to strong relationships spanning generations
Cross default clauses triggered
Delays is fiscal reforms can reduce the recovery rate
Debt advisors expected to be appointed by the cabinet soon
In the rupee interest rates we can give central bank financing to the primary market and through open market operations
Note holding ceiling to be brought down from 15,000 to 10,000 dollars
Angry consumers have started street protests on a daily basis by blocking roads demanding cooking gas.
Policy undermined by printing money for state workers
If we do not pay the IMF, and World Bank, that money will also not come: Sabry
| Latest | Last | |
|---|---|---|
| US Dollar | 364.4202 | 364.4504 |
| UK Pound | 458.4562 | 454.9265 |
| Euro | 387.0507 | 385.9320 |
| Aus Dollar | 260.3089 | 257.4611 |
| Yen | 2.8814 | 2.8648 |
| Latest | Last | |
|---|---|---|
| Indian Rupee | 4.6162 | 4.6218 |
| Korea Won | 0.2831 | 0.2831 |
| Oman Rial | 933.5913 | 933.6892 |
| Saudi Riyal | 95.8218 | 95.8319 |
| UAE Dirham | 97.8580 | 97.8683 |
| pts | % | |
|---|---|---|
| S&P SL20 | 2,844.97 | 3.42% |
| CSE All Share | 8,474.49 | 2.53% |
| Turnover Rs million | 2,730,762,448 | 1,978,302,133 |
| Latest | Last | |
|---|---|---|
| 3-m bill | 21.98 | 21.19 |
| 6-m bill | 22.23 | 21.80 |
| 12-m bill | 22.89 | 22.67 |
| 5-yr bond | 21.70 | 22.43 |
| 8-yr bond | 21.46 | 22.52 |
| today | yesterday | |
|---|---|---|
| Overnight Money | 14.50 | 14.50 |
| Gilt Repo | 14.50 | 14.50 |
| I-m SLIBOR | - | - |
The current crisis is having far-reaching implications on the ability of women and girls to live in dignity
To pay the ships we will take action to buy dollars from the free market
We have to keep in mind that printing money will depreciate the rupee
Sri Lanka is desperate for dollar inflows
I propose that the loss making Sri Lankan Airlines be privatized
The deficit is projected at 2.4 trillion rupees, or 13 percent of gross domestic product
New PM needs parliament majority sweeping reforms to deal with an IMF loan for economic recovery
From January 2020 to March 2022, reserve money has grown 49pct, broad money 52-pct and the food price index 51-pct
In the next few weeks we will face the most difficult time
“After I speak to [friendly nations], there will be help coming from there. They won’t allow people to starve.”
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