Rupee depreciation is temporary - Alawathuwala

The depreciation of the rupee against the US dollar is temporary and moreover it is significant that the value of many world currencies have depreciated, when comparing with the dollar rate, Home Affairs State Minister J.C.Alawathuwala said.

“Due to the world economic crisis, the value of a number of many world currencies, including those of India, Pakistan, Australia, the Philippines, United Kingdom, Turkey, Indonesia, Russia, have depreciated when compared with dollar rate,” he said.

Alawathuwala was addressing the media at Sirikotha yesterday.

He said the depreciation of the Indian currency is 12 per cent, Pakistan 17 per cent, Turkey 20 per cent, Russia 18 per cent, Indonesia 11 per cent, Australia 10 per cent, Philippines 7 per cent and United Kingdom 8 per cent.

“Even the EURO by depreciated by 4 per cent. However the depreciation of Sri Lankan rupee is only by 7 per cent,” he added.

“Considering the world economic downturn, it is inevitable to have a certain depreciation of world currencies. Accordingly, ours are not an exception,” he added.

State Minister Alawathuwala pointed out it has been reported that during the last regime, the value of the Sri Lankan rupee had depreciated by 12 per cent on some occasions.

“However, it cannot be expected that the rupee value will depreciate more than 9 per cent under this government,” he added.

He claimed that the media has never portrayed the true picture in this regard and has also failed to state that it is not only the Lankan rupee, but the value of many other world currencies have also shown a depraeciation against the dollar rate.

When asked about the fuel price formula, he said that the Joint Opposition has no ethical right to talk on this subject as the highest ever fuel price was reported during the last regime.

“During the Rajapaksa regime, the prices of fuel were not reduced even when the Supreme Court ordered to do so,” Alawathuwala alleged.

When a group of Chilaw fishermen asked that the price of kerosene be reduced they were shot at,” he said.

“The prices of fuel were brought down drastically as soon as the present government came to power. Even today, the prices of fuel are lower than during the Rajapaksa regime,” he said.

He added that fuel price formulas are available with a number of counties including Japan, India and the United States.

“When world fuel prices go down, people are benefitted. We utilised the fuel price formula for the people’s benefit,” he said.

Alawathuwala said the government will take measures to ease the burden of the people no sooner the world fuel prices come down.

Speaking on the Cost of Living, the Sate Minister said that there should be a controlled price for daily commodities of the people.This will control the black market and unauthorised price hikes.

When asked about a possible bus fare hike, he said the relevant Ministers will take the most appropriate measures regarding this issue.

“The government has launched several fruitful programmes, including Gamperaliya, Enterprise Sri Lanka and so on for the benefit of the country and the people.

atarian Mahinda Rajapaksa has created a many issues within the Joint Opposition. He had allegedly said that Gotabhaya Rajapaksa would be the next Presidential candidate as that his son Namal Rajapaksa is not qualiefied to contest due to the age limit. But, Mahinda Rajapaksa refuted all this on his return to the country. “That is the nature of Mahinda Rajapaksa,” State Minister Alawathuwala said.

 

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