Not long ago, the stooges of Mahinda Rajapaksa, and MR himself, spewed some fanciful justifications for the contested ( and obviously unethical) sacking of Ranil Wickremesinghe, and MR’s appointment as prime minister in one Friday night quirk by President Maithripala Sirisena.
One argument was that MR was appointed to salvage the crumbling economy.
That Ranil though had a vision, was a poor implementer of his own economic policies provided some credence to the claims of saturation of economy during his tenure. However, MR, the purported prime minister for over a month, has presided over an accelerated economic collapse. The Rupee continues to depreciate under his watch, hitting yesterday, the all-time low of Rs.181against the US$.
The initial depreciation of rupee during the previous months correlated to a world-wide trend of emerging market currency depreciation against the Benchmark as a result of rising interest rates and boost in Capital investment in America. However, the current slump of the Rupee is taking place while other emerging market currencies are appreciating against the Dollar.
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