Sri Lankan Rupee Depreciation Due to Corruptions
Posted on September 29th, 2018
Nawagamu Deshabandu
Many of us know that there are many factors for the Sri- Lankan rupee deprecation. But, it is a concern that rate of the depreciation of Sri-Lankan rupee has accelerated. It is true that many other countries have their currency depreciation due to the impact of American politics, but their rate of depreciation is not as bad as ours.
The government is trying to face this problem by restricting imports into the country and increasing exports. The government has also released some of its US dollar reserves in to the market as a temporary measure. This is a good thing.
Another area that government does not look at is the narcotics market. There is more money going out of the country for narcotic drugs than importing of vehicles. The government should do all it can to put a complete stop for importing of narcotics into Sri Lanka. What happened to the decision taken by the cabinet and the president on implementing the capital punishment? Are Some ministers involved with the drug trade ruining lives of innocent people of Sri Lanka?
Another area why our country cannot move forward in our economy is the scale of corruptions in the government controlled provincial and regional councils. It is very difficult for investors to get relevant approvals without giving them bribes. Usually approvals get delayed for months or years pressuring investors give bribes to them.
For example, about three months ago, I have purchased a land, through a land sale by a company, hoping to start a guesthouse for foreigners. The company has clearly satisfied the conditions for the land approval for construction of buildings. But, three months have passed, I am still waiting for the approval from the regional council. I suspect they are waiting for the bribe!
There are many stories like this on every day news papers in Sri Lanka. But, the government keep blind eye on these matters.
Ease of doing business is worst in Sri Lanka compared to many South Asian countries where taking and giving bribes is part of a normal business activity. We can earn more dollars through tourism. Therefore, the government must put a system of checks and balances in place which will prevent corrupt politicians asking bribes and blocking dollar earning projects such as tourism related projects.
October 2nd, 2018 at 12:55 am
One of the reasons for rupee depreciation is the government waste and politicians’ extravagance life styles and privileges. This leads to excessive printing of money. From what I could see the MPs and other people like the judiciary and some prelates have police escorts that are completely unnecessary and taken as a status symbol. There must be government departments,schools,hospitals and even nationalized ventures must be run extravagantly that demands money, lacking with, the government is forced to print more currency.
Make these more efficient, get rid of absurd poya days that is keeping a good number of people non productive.
I see a lot of waste in Kandy where big force of police are manning the gates of the Maligawea and the devales which utterly stupid and unnecessary. Remove the restrictions on the road by the Maligawa where this restriction make vehicles go 5 miles around the lake thus wasting fuel and polluting the town that is making us siick.
There must be similar waste and stupidity elsewhere in the country.
This can’t happen in the private sector, so less government pore private enterprise, I say.
Another nagging problem that is damaging the country is the judiciary that is postponing court cases for years making the citizens poor and greedy lawyers rich. This goes to the medical profession too.The whole country is in a mess that is being taken as normal, to the folly of the nation.
Just think of the politicians taking joy rides with big groups to other countries paid by the suffering taxpayers, not forgetting the recent visit by the president to UN width 50 people.Devioyo Sakki!