Former UNP Deputy Leader and MP Ravi Karunanayake has alleged that the Central Bank of Sri Lanka bears responsibility, to some extent, for the sharp fluctuations in the value of the rupee.
Speaking to the media, he said the sudden depreciation and subsequent appreciation of the rupee have created significant challenges for importers and the wider business community.
Karunanayake warned that the volatility is also affecting the country’s overall import sector. He explained that importers who purchased goods, including vehicles, when the exchange rate was between Rs. 345 and Rs. 350 per US dollar are now facing losses after the rupee strengthened to around Rs. 330.
He said such uncertainty in the exchange rate has disrupted trade and placed a heavy financial burden on businesses.
The MP further questioned the Central Bank’s policy decisions, arguing that the institution’s actions from time to time have contributed to instability in the foreign exchange market.
