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| Sunday, 28 September 2003 |
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CCC welcomes rupee appreciation The steep appreciation of the rupee against the US dollar has been viewed by the Ceylon Chamber of Commerce (CCC) as an overall reflection of confidence on the value of the rupee which had been sliding upto now. The Chamber meanwhile has recognised the concerns of its affiliates, the Colombo Tea Traders Association and the Exporters Association, which have called for Government intervention to "correct" the situation of the dollar depreciating from Rs 97 to Rs 94 within two weeks. The CCC believes that good economic management by the Government, starting with the curtailment of the budget deficit, paying off Government debt to State banks, reducing the short-term borrowings by State-owned enterprises, the consequent over-liquidity and the downward spiral of bank interest rates, the drop in the rate of inflation, foreign direct investment inflows and faith in the present management of the economy were the confidence boosters. It would be interesting to assess the impact of the recent changes on the export sector. Admittedly, exports from Sri Lanka have performed extremely well over January-August 2003 and it is hoped that the impact on this sector will not be too adverse. The tea and garment sectors, in particular, need to be monitored against the background of small holder income and employment generation at regional levels in Sri Lanka. |
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