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FINANCIAL CHRONICLE™ » CORPORATE CHRONICLE™ » Mystery investor arrived to boost Rupee

Mystery investor arrived to boost Rupee

+6
DANIDU
Teller
chamil1
chamith
Yahapalanaya
Chinwi
10 posters

Go down  Message [Page 1 of 1]

1Mystery investor arrived to boost Rupee Empty Mystery investor arrived to boost Rupee Tue Jan 12, 2016 10:00 pm

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

Reuters: An unidentified investor has promised to park $1 billion in dollar deposits in Sri Lanka to help the island nation defend its currency, the Finance Minister told Reuters, in an unusual move that highlights the country’s precarious finances.

Finance Minister Ravi Karunanayake declined to reveal the identity of the investor. But he said the investor was Belgian and was working with a Sri Lankan partner.

Financial experts said bringing in so much money from an individual investor was fraught with risks. Karunanayake has already liberalised dollar remittances from foreigners into the country.

“This allows room for money-laundering. Black money could easily come through this,” said Sirimal Abeyratne, an economics professor at the University of Colombo.


Karunanayake said anybody who felt black money was coming in could take up the matter in the courts.

A senior Finance Ministry official said it was the responsibility of the remitting bank in Europe to check the source of funds and know their customers.

“Sri Lanka will not question any investors who want to remit the money,” the official said.

The first tranche of $500 million from the Sri Lankan investor’s partner was deposited on 26 December, and the second is expected to arrive sometime this month. So far, the country has got $1.5 billion from such deposits.  


The deposit has no lock-in period and the Government would allow withdrawals at any time.

----

Is this the well known 'Soros trap' ?

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Chinwi wrote:Reuters: An unidentified investor has promised to park $1 billion in dollar deposits in Sri Lanka to help the island nation defend its currency, the Finance Minister told Reuters, in an unusual move that highlights the country’s precarious finances.

Finance Minister Ravi Karunanayake declined to reveal the identity of the investor. But he said the investor was Belgian and was working with a Sri Lankan partner.

Financial experts said bringing in so much money from an individual investor was fraught with risks. Karunanayake has already liberalised dollar remittances from foreigners into the country.

“This allows room for money-laundering. Black money could easily come through this,” said Sirimal Abeyratne, an economics professor at the University of Colombo.


Karunanayake said anybody who felt black money was coming in could take up the matter in the courts.

A senior Finance Ministry official said it was the responsibility of the remitting bank in Europe to check the source of funds and know their customers.

“Sri Lanka will not question any investors who want to remit the money,” the official said.

The first tranche of $500 million from the Sri Lankan investor’s partner was deposited on 26 December, and the second is expected to arrive sometime this month. So far, the country has got $1.5 billion from such deposits.  


The deposit has no lock-in period and the Government would allow withdrawals at any time.

----

Is this the well known 'Soros trap' ?
If it is true,Good news for market. Razz Razz Razz

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

A senior Finance Ministry official said it was the responsibility of the remitting bank in Europe to check the source of funds and know their customers.

මෙන්න අහවල්පාලන ක්‍රමයට ඒ වැඩෙත්.
සල්ලි බාර ගන්න  බැංකුව නෙවි සල්ලි ඉවතට යවන බැංකුව හොයන්න ඕන  හොර මගඩි  සල්ලි ද නැද්ද Know YC.  

මේ තියරිය අනුව කවද හරි මේ සල්ලි ලංකාවෙන් ආපහු ගෙවනකොට තමයි අපේ බැංකුවලටත් වෙන්නෙ Know your  customer   හොයන්න​.




chamith

chamith
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Soros, a well known currency manipulator is invited to the island. and at the same time a Mystery investor invests $1bn in LKR. 

Is it just me or can all see something not right here...

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

Some people criticise if it is foreign outflow by saying no confidence by foreigners.

If it is foreign inflow,it is black money....mmmmm

You people wants market crash then blame government and bring king.....mmmm

drunken drunken drunken

chamil1


Manager - Equity Analytics
Manager - Equity Analytics

කරුණාකරලා පක්ෂ වලට Kade යන්නෙ නැතිව රට වෙනුවෙන් , නීතිය වෙනුවෙන් Kade යන්න 

Yahapalanaya

Yahapalanaya
Senior Vice President - Equity Analytics
Senior Vice President - Equity Analytics

chamil1 wrote:කරුණාකරලා පක්ෂ වලට Kade යන්නෙ නැතිව රට වෙනුවෙන් , නීතිය වෙනුවෙන් Kade යන්න 
නීතිය වෙනුවෙන් Kade යන්න  


That's why we support FCID,CID,Presidential commission etc.... Very Happy Very Happy Very Happy

Teller

Teller
Moderator
Moderator

Dear president ;
Give the resignation to Ravi k.

DANIDU


Manager - Equity Analytics
Manager - Equity Analytics

@Chinwi, he is not a mystery investor, who helps to our country with Deshamanya Dr. Tissaweera Nihal Jinasena more than 25 years up to now. there will be more money (USD) coming on the way to SL. let new government to do their best and give some time ( even New Government did not complete one year yet) we will see the result in 2-3 years, 

We have more opportunity to develop our economy now.

ranferdi

ranferdi
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Even when the money flows in.. the baiyas are upset.. these people are acting like terrorists.. nd wants to disrupt everything to bring back MARA..

http://::::THIS EMAIL DOESNT WORK.. PLEASE CONTACT ME ON FB ACCO

jayathu


Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

Its good to see foreigners coming in with some money into our country which is deeply needed at this moment of time, but this measure shouldn't be carried on for medium term. 

If you guys research on Asian Financial crisis which happened in 1998, you'll see what was the main cause of that crisis. Countries like Malaysia Thailand and Indonesia were in need of help to defend there currency, so they made changes to there currency control. They let people park there money in there country without any lock in period. Its like a savings account for foreigners. 
All of a sudden there was major outflow of foreign currency from the country which lead to deep economic troubles for those countries. 



Financial experts said bringing in so much money from an individual investor was fraught with risks. Sirimal Abeyratne, an economics professor at the University of Colombo.
"Also, this money could go out quickly creating further volatility"

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

DANIDU wrote:@Chinwi, he is not a mystery investor, who helps to our country with Deshamanya Dr. Tissaweera Nihal Jinasena more than 25 years up to now. there will be more money (USD) coming on the way to SL. let new government to do their best and give some time ( even New Government did not complete one year yet) we will see the result in 2-3 years, 

We have more opportunity to develop our economy now.


I just quoted FT and Routers. I didn't create the term "Mystery Investor"  

http://www.ft.lk/article/518680/--1-billion-mystery-investor-boosts-rupee

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

chamil1 wrote:කරුණාකරලා පක්ෂ වලට Kade යන්නෙ නැතිව රට වෙනුවෙන් , නීතිය වෙනුවෙන් Kade යන්න 




ඔයාගෙ ප්‍රකාශය ඔලුවෙන් හිට ගෙන නේ.
අපි අහල තියෙන නීතිය අනුව බැංකුව KYC විස්තර හොයන්නේ සල්ලි දාන විට​.
දැන් නීතිය වෙනස් කරලද දන්නෙ නෑ. පත්තරේ අනුව දැන් බැංකුව අහන්නෙ නෑ. කාට හරි සැක නම් උසාවි යන්න ලු.

අනිත් එක මේ සල්ලි එක්තරා ප්‍රමාණයකට වඩා පුරවන එකේ භයානක කමක් තියෙනෙ බව කියන්නෙත් මා නොවේ.
මේ වගේ ෆෝරම් එකක  ඉන්න අයට ඒක අමුතුවෙන් තේරුම් කරන්න අවශ්‍ය නැති බව යි අපට හිතෙන්නේ.

14Mystery investor arrived to boost Rupee Empty Re: Mystery investor arrived to boost Rupee Wed Jan 13, 2016 10:26 am

tharindufit


Manager - Equity Analytics
Manager - Equity Analytics

If Switzerland can keep money without finding the source. Why not Sri Lanka? At the end of the day it's money right? And you guys are really worrying about money printing. Now when money comes in, hey that's not right. We shouldn't allow money to come in like that. blah blah blah Very Happy

15Mystery investor arrived to boost Rupee Empty Re: Mystery investor arrived to boost Rupee Wed Jan 13, 2016 10:47 am

Chinwi

Chinwi
Associate Director - Equity Analytics
Associate Director - Equity Analytics

tharindufit wrote:If Switzerland can keep money without finding the source. Why not Sri Lanka? At the end of the day it's money right? And you guys are really worrying about money printing. Now when money comes in, hey that's not right. We shouldn't allow money to come in like that. blah blah blah Very Happy

Yes why not ? We can face the reality and change the system. Not only Swiss, some closer countries offer it secretly, if you have big big money.
Even 'managed corruption' is used by some countries to beat others in progress efforts.


my mistake was I remember some people were talking about a term called Yahapalanaya . no offence. just kidding.



16Mystery investor arrived to boost Rupee Empty Re: Mystery investor arrived to boost Rupee Wed Jan 13, 2016 10:49 am

tharindufit


Manager - Equity Analytics
Manager - Equity Analytics

Chinwi wrote:
tharindufit wrote:If Switzerland can keep money without finding the source. Why not Sri Lanka? At the end of the day it's money right? And you guys are really worrying about money printing. Now when money comes in, hey that's not right. We shouldn't allow money to come in like that. blah blah blah Very Happy

Yes why not ?  We can face the reality and change the system. Not only Swiss, some closer countries offer it secretly, if you have big big money.
Even 'managed corruption' is used by some countries to  beat others in progress efforts.


my mistake was I  remember some people were talking about a term called Yahapalanaya . no offence. just kidding.



He He. Yahapalanaya with Ravi K. :-) I don't think so. But if we can get money in that's good

ranferdi

ranferdi
Assistant Vice President - Equity Analytics
Assistant Vice President - Equity Analytics

@Jayathu .. yes there are risks . We need to have certain lock in period to avoid these risks.. It seems like FM is taking desperate measures to avoid crisis...

http://::::THIS EMAIL DOESNT WORK.. PLEASE CONTACT ME ON FB ACCO

slequityanalyst


Manager - Equity Analytics
Manager - Equity Analytics

Guys I think there are several valid concerns that are raised in this case. Firstly, why is this so-called government of Good Governance not being transparent as to who is the investor that is bringing in the money. (if it was Jinasena guys of Loadstar fame, simply say that). Or if the above source is wrong the goverment should take action against the news paper that publish false news. (it is simple as that, dont you think!). 

Second, this money is coming in as debt issued under very lenient conditions (for instance, no fixed maturity period like other conventional market borrowings from the Capital Markets or Multilateral Agencies). So, in a turbulent globla market this investor is able to pull the money out at anytime he wishes which could have even severe problems for the government. Don't forget the Fed has planned 6 rate increases for 2016 and if that happens the rates should go up to pre-crisis levels. Especially, this is not investment coming in to a productive sector like setting up of a manufacturing plant or something (because that is what we are expecting to see this government doing, and which is exactly the same thing that is not seem to be happening). 

Thirdly, this government was vehemently against simply borrowing and their argument was we should bring in FDI long term. (also they were confident they can bring in FDI with the friendly foreign policy unlike MR era). But, this action does not speak for that policy. 

It is not about trying to bring about MR back it is about getting the incumbent government on track so that you can let MR be where he is now. If you simply tolerate and did not question these types of activities of the government, then it will also take all these for granted and become even worse (potentially) than MR government. So, let's bring up consructive argument without simply accepting whatever comes.

Finally, this money has not yet come to Sri Lanka and may not even happen. (to me this government has lost its trust factor). They have been famous for lying and being inconsistent in what they do. So, I will only believe this story once the USD hit the Sri Lankan shores. 

Thank you

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