Sri Lanka: Sri Lanka holds interest rate at 12pct

Wednesday, 21 November 2007

Sri Lanka's Central Bank had on Tuesday voted to maintain interest rates at a record high of 12pct, preserving the impoverished country's rate as the highest in Asia. The decision followed inflation figures of 19.6pct from the month of October. Annual inflation has been a steady 20pct since Rajapaksa and Bros took over power in the country.

The stock market has remained stagnant over the past twelve months with the country's main exchange posting an annual decline of 1pct.

Meanwhile, the Sri Lankan rupee which had been sliding against the weak dollar and other major currencies picked up this week as a result of the government's decision to borrow US$500million.

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Kingsly said:

C'mon man, we have to get on with it. Look at the bright side. We are ahead of all other countries in Asia' if not the whole world! You see, we must look at records. We have a religion wired from 'pauperism' to 'how to get rich without working for it' with the blessings of the 'T(r)ipple Gem'. What other country has such a cosy and unique situation? One can juggle anything and everything in the name of nationalism and get away with it. Mr.Pirapaharan ought to throw a party with "Thal Raa" and "Kotte Kelangu" on the heroes' day and have two additional days of celebration of the birth of JVP and JHU.

2007-11-21 16:25:37

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