Former Deputy Leader of the United National Party and MP Ravi Karunanayake has warned that importing vehicles without a proper economic strategy could further weaken the rupee.
Speaking to the media, the MP said earlier concerns raised by the opposition about the rupee collapsing due to unplanned vehicle imports are now becoming a reality.
He stressed that if decisions are taken while safeguarding the value of the rupee, the country would not face serious harm. However, he cautioned that policy moves made without foresight could push the exchange rate towards around 350 rupees per US dollar, which would have severe consequences for Sri Lanka’s overall debt stock.
The MP added that the current situation reflects exactly what happens when vehicle imports are allowed without a clear plan, urging authorities to act responsibly to protect the economy.
