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Financial stability - we are at the crossroads.

4 posters

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reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

I went through this websitehttps://www.investopedia.com/ask/answers/08/george-soros-bank-of-england.asp to find out about how developed nations went through difficult times managing foreign exchange crisis they had.


This is about Black wednesday 1992,




Although it stood apart from European currencies, the British pound had shadowed the German Deutschmark (DEM) in the period leading up to the 1990s. This left Britain with low interest rates and high inflation. Britain entered the ERM with hopes of keeping its currency above 2.7 DEM to GBP. This was fundamentally unsound, primarily because Britain's inflation rate was many times that of Germany's.


The existing problems—stemming from the pound's inclusion into the ERM—were compounded by significant economic strain resulting from Germany's reunification. This, in turn, put pressure on the Deutschmark as the core currency for the ERM.
The drive for European unification also hit bumps along the road during the passage of the Maastricht Treaty, which was meant to create the euro.4 Speculators began scrutinizing the ERM, which resulted in questions about how long fixed exchange rates could fight natural market forces. Although the central banks around the world initiated protocols, to operate floating exchange rates with systems in place to enable forex traders to trade their currency in order to reflect on strength of all nations in international trade. This is backed by SWAP Agreements and other financial tools used amongst governments in trading blocs and beyond to avoid currency value fluctuations that happened on black Wednesday.

To add to this, fairly recently Malaysia also had a similar problem by the same maniac who is up to no good and Mahathir Mohamed administration had to take protectionist measures to guard the country from going in to chaos.

I hope Ajith Nivard knows what he is doing while sailing Sri Lankan financial market through this ocean full of bandits now expanding their horizon towards cyber warfare.

RajapaksaDON likes this post

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

I have to add that there are claims proven that the popular family called the Rothschilds has shares of the private entity named the Bank of England which apparently is earmarked or claimed to be co-owned by founders of Standard Chartered, HSBC and pioneers of Micro finance

dayandacool

dayandacool
Moderator
Moderator

@ Reyaz,

LKR is not a major currency for the likes of Soros to trade. He broke the bank of England by taking a calculated risk shorting the Pound and he knew exactly how much UK had in their coffers to defend the Pound.

Our crisis isn't comparable to UK. Our problem is we will not even have enough in our coffers to even support purchasing essentials like Medicines / Food.

CB has issued directives not to exchange usd above 200 rs. USD holders await the dollar to appreciate against LKR to exchange their USD. CB forcing the exporters to cash out at least 25% of their dollar earnings.

Importers lack usd for their payments and commercial banks do not have enough in their coffers and CB have requested banks to find their own means of usd.

D.G.Dayaratne


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

The main reason for the present crisis is mismanagement from the beginning under various political
parties after 1977.

The only solution for the present crisis is to get the help of the IMF and China and other countries
Govt has to show its willingness to improve the human rights situation and Democracy.

nigma, hnfr and dayandacool like this post

dayandacool

dayandacool
Moderator
Moderator

D.G.Dayaratne wrote:The main reason for the present crisis is mismanagement from the beginning under various political
parties after 1977.

The only solution for the present crisis is to get the help of the IMF and China and other countries
Govt has to show its willingness to improve the human rights situation and Democracy.

Just to add something, If government borrow in future, they should make sure it is not for fancy projects like lotus towers but put money in to developing local industries, manufacturing, services, health care, cultivation and education. It will take sometime to reap benefits, but country will definitely prosper. Fancy highways and airports (Sri Lanka being a very small country) isn't the need of the hour. Infrastructure development is needed. but first things first. First they should build quality roads accessing critical major commercial centers such as Port, economic centers and Export processing Zones (Free trade zones) ect.

For an example, Highway to Kandy could be of lesser importance to us compared to a Highway to a place like Dambulla or any other city / region which produce staples.

Just my 2 cents

nigma and hnfr like this post

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

dayandacool wrote:@ Reyaz,

LKR is not a major currency for the likes of Soros to trade. He broke the bank of England by taking a calculated risk shorting the Pound and he knew exactly how much UK had in their coffers to defend the Pound.

Our crisis isn't comparable to UK. Our problem is we will not even have enough in our coffers to even support purchasing essentials like Medicines / Food.

CB has issued directives not to exchange usd above 200 rs. USD holders await the dollar to appreciate against LKR to exchange their USD. CB forcing the exporters to cash out at least 25% of their dollar earnings.

Importers lack usd for their payments and commercial banks do not have enough in their coffers and CB have requested banks to find their own means of usd.

This is a possibility-- there will be a tycoon/ few tycoons, who will easily defeat anyone who is against the Rajapakses because the tycoons will need them in power to pave the way for projects to bring unlimited profits to their coffers.

It is more than just the money, it can be about the land or the power or worst-- the competition, the real qualified people will be kept forbidden to enter politics. Anyone smarter than the boss is a danger to the boss

sheildskye

sheildskye
Manager - Equity Analytics
Manager - Equity Analytics

I think we are yet to comprehend the gravity of human rights violations and unfair trade practices. This all goes to show that this government is nothing more than scapegaots of the Chinese. I mean look at the projects are initiated with them, metaphorical gold mines. But the western nations, and I just heard about a project to be a JV with the USA, will be given the projects that are to give subsidies to the people.

ADVENTUS likes this post

sheildskye

sheildskye
Manager - Equity Analytics
Manager - Equity Analytics

I hate to boast that I told you so, but here it is!!!. apart from the ridiculous aid the government is knitting up (Not giving quick enough), the governments' "wait and see approach" is Dead-on Deadly. But I'm not worried that much, Sri Lankans are great philanthropists themselves. I noticed giving is in the spirit of all Sri Lankans- excepting for those in government.

CHRONICLE™ and reyaz like this post

reyaz

reyaz
Senior Manager - Equity Analytics
Senior Manager - Equity Analytics

Historically all if not most in the region of India are generous-its hereditary

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