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The Central Bank of Sri Lanka Governor Nandalal Weerasinghe is talking about Commendable Achievements! during his period.
Let's examine his achievements.
When the Governor Nandalal Weerasinghe came-
1. the country's growth rate was 3.4%. He brought it to -7.8%. It's still MINUS, and would be so, for the next several quarters.
2. Interest rates were 8%. Nandalal took it up to 28%, and has now brought it down to 18%.
3. Inflation was 18%. He took it up to 68%, and now says it's 1% after changing the method of computing inflation.
4. Even with difficulty, every single debt was paid and there was a pipeline of inflows amounting to at least $6.5 billion from China, India and Green Bonds. But, for some undisclosed reason, Nandalal declared bankruptcy and thereafter Sri Lanka couldn't get a CENT from any outside source.
5. Nandalal said he will restructure only the Foreign debt, and promised that the local debt WILL NOT be touched. Now, he has restructured only the local debt and given the poor EPF Members a "haircut" of 20% from their account balances.
6. Nandalal and a few of his cronies were hell-bent on going to the IMF and now - fuel prices have been increased by 250%, gas by 275%, water by 200%, electricity by 350%, all taxes are up by 150%, leading to the acute impoverishment of the Sri Lankan people.
7. Nandalal strongly advocated for the Rupee (LKR) to be "floated", and when he came, the LKR was 299 per US Dollar. But, he quickly took it to 375 perUS Dollar. Now, it has reduced to 332 per US dollar, but is expected to rise to 440 per US Dollar by end of March 24.
8. After Nandalal increased the interest rates and hurriedly depreciated the currency, more than 1 million people have lost their jobs and more than 100,000 small businesses have closed. Every day, peoples' assets like vehicles and properties are being auctioned by the banks and finance companies.
9. Not a single cent in foreign investment has come to Sri Lanka after Nandalal announced bankruptcy. This announcement will haunt Sri Lanka for decades.
10. He said he will not "print money" like his predecessors who did so during the COVID pandemic. But, Nandalal will be known for printing more than double the amount that was ever printed under any Governor.
Last edited by God Father on Mon Oct 30, 2023 5:58 pm; edited 1 time in total
..... How about Nandasena? I think covid also play a major part.
