Former UNP Deputy Leader and Member of Parliament Ravi Karunanayake has warned that the Sri Lankan rupee may continue to depreciate even as the US dollar weakens internationally due to tax and economic challenges.
Addressing the media, Karunanayake pointed out that if the rupee is falling at a time when the dollar is also losing value, it indicates a severe weakness in the local currency.
He emphasized that in such a situation, the government must take immediate steps to boost exports, curb imports, and strengthen the rupee.
Karunanayake further noted that a declining rupee increases the national debt burden, placing additional pressure on the country’s budget.
He added that the current crisis highlights the dangers of excessive reliance on foreign borrowing.
