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Depreciation of the Rupee:
Only small section will benefit -Economists
The Sri Lanka Rupee has depreciated against the
US Dollar (US$) by around 7% so far this year with the Central
Bank’s decision to allow greater flexibility in the determination of
the exchange rate. With the intense volatility in emerging market
currencies in the recent past, the depreciation of the Rupee is
unavoidable for Sri Lanka’s exports to remain competitive, Director
and CEO, Candor Group of Companies, Ravi Abeysuriya,
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Budget 2016 - Views of Business Chambers:
Have realistic exchange rate - CNCI
Business Chambers in their proposals for the
2016 Budget have called upon the government to formulate national
policies to protect and develop local industries particularly small
and medium scale enterprises which are more prone to internal and
external shocks. President, Ceylon National Chamber of Industries (CNCI),
Gamini Gunasekera said the exchange rate should be determined by
market forces and added that the present interest rate should be
reduced further or at least maintained at the current level.
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Huge wage disparity between public and private
sectors:
Promised increase, yet a slogan - CMU
The Government calls for the views of trade
unions before presenting the Budget. However, the Government will do
what its economic experts wanted it to do, General Secretary, Ceylon
Mercantile Industrial and General Workers Union (CMU), Sylvester
Jayakody told Sunday Observer Business.
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Volkswagen emission scandal:
Sales in Lanka not affected
Sales of Volkswagen cars in Sri Lanka are not
affected by the Volkswagen emission standard crisis in the USA and
parts of Europe, Director Sales and Marketing, Volkswagen, Senok
Trade Combine (Pvt) Ltd., Reeza Rauf said. He said the company
imports Euro 3 engine vehicles and added that the problem is with
Euro 5 engine vehicles used in USA and Europe. Therefore, there is
no way we could be affected.
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