bond Archives - Ceylon Independent

AT WHAT VALUE OF THE RUPEE WOULD THE CENTRAL BANK THINK IT NEEDS TO STOP THE DEPRECIATION? AT 200? OR 250? OR 300?

13Oct

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Opinion

AT WHAT VALUE OF THE RUPEE WOULD THE CENTRAL BANK THINK IT NEEDS TO STOP THE DEPRECIATION? AT 200? OR 250? OR 300?

A Response from Ajith Nivard Cabraal, former Governor of the Central Bank. In Aesop’s Fables’ “The Fox and the Grapes”, the fox, when it finds that it is unable to reach the grapes it is seeking, claims that the “grapes are sour”, and hence it’s not worthwhile reaching for the grapes. In Sri Lanka today, the Central Bank, when it finds that it does not have sufficient Forex reserves to defend the Rupee and maintain the international stability of the country’s currency, claims that intervention in the Forex market is not advisable. In response to my article re. the Government and the Central Bank abdicating their duty to support the Rupee, the Central Bank, by their statement of 10th October 2018, has gone to embarrassing lengths to downplay their current inability to de...

The unholy dismantling of good governance

22Jun

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Editorial

The unholy dismantling of good governance

The revocation of the Exchange Control Act has resulted in the Money Laundering Act being highly devalued as no action can be taken against even the largest of significant laundering of money involving foreign exchange since the predicate offenses list for action based on the Money Laundering Act will no longer have the violation of the Exchange Control Act as an offense. This dire warning was issued by public interest activists concerned on a variety of matters as to the direction in which this country is headed. An industrialist noted that the country is headed south. This government arrived via a band wagon of promises to reintroduce accountability, transparency, a level playing field and equal opportunities for all on top of the huge undertaking to resolve the ‘ethnic’ issue and loo...

DEW GUNASEKERA SAYS-‘RANIL CANNOT MORALLY HOLD ON TO BEING PRIME MINISTER’

6Jan

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Main Story

DEW GUNASEKERA SAYS-‘RANIL CANNOT MORALLY HOLD ON TO BEING PRIME MINISTER’

DEW Gunasekera the Chairman of the initial COPE – the parliamentary Committee on Public Enterprise – declared that in light of various inactions, Ranil Wickremesinghe cannot morally hold on to being Prime Minister. Speaking to a local media outlet, the veteran politician described a series of events which led to his view on the holder of the ‘first amongst equals’. Mr Gunasekera was the first asked by then Speaker Chamal Rajapaksa to form a ‘good’ committee and address the issue thoroughly. Later when he wanted to present an interim report to the Speaker three UNP members of his committee objected saying they wanted a full report. Mr Gunasekera described this as a delaying tactic and compared it to the second COPE (under Chairman Handunnetti) where several UNP members insisted on ma...

8Nov

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Opinion

This Week In Bond

By Shonel Perera Bond is back at it again this week with the Presidential Commission of Inquiry (PCoI) investigating the controversial Issuance of Bonds saying that it now requires a testimony from none other than Prime Minister Ranil Wickremesinghe himself in order to "obtain a few clarifications and any other evidence which may be necessary". A statement issued at the beginning of today's session noted that it had carefully examined the affidavit which was given to the Commission by the Prime Minister and that the Commission had a few clarifications to be made with regard to it. It was said, "With regard to the questions forwarded to the Hon. Prime Minister by this Commission of Inquiry, we have received an affidavit affirmed to by the Prime Ministe...