Quote

“We are not responsible and we are Irresponsible”! unquote  

 

Every week and month there has been long queues for essential commodities of one the other, each family member is pushed into queues for different items, not a single member of a family cannot involve or turn towards earnings of monthly or daily, a situation worser than a lockdown against Covid 19 spread. The worst part of this miserable scenario is staying in a queue never ensures the commodity yearned for while waiting painstakingly very long hours is bought for a price, all ends up in price less precious time is lost without allowing the public to seek alternative for the scarcity cited item. These all happens amidst pandemic a new variant of Omicron Covid 19 is rapidly spreading in South East Asia, all through drastically wrongful notion of any vaccinated population is free of contracting a new variant infection. Thus, all politicians stop giving false hope to the public, as “the commodity they are yearning for is released to the market today” and propelling the public to the queues.  This political rhetoric lies “the commodity they are yearning for is released to the market today” is the only reason forming long queues long hours in expectation, rather than the actual scarcity of essential commodity, because the people know item will not be available at any cost, as it has happened to the milk powder, they knew it will not be available at any cost and they don’t form a queue, it is so simple as it is. This doesn’t any way mean liquid milk or milk powder is not an essential commodity, both are essential items for the healthy life of the public in general. In contrary the uneducated morons at the helm are trying to prove that the milk and milk powders are luxurious item by allowing the scarcity for so long.             

The same people who once prioritized excavate port building for hectic ship transport and business, are now hilariously asking the ships oil tankers to anchor at the sea until they find enough Dollars to dock and unload the tons of fuel and cooking gas critically needed by the country, compound the crisis further as both items are just not essential items just for consumption but backbone of the economy to sustain even in critically challenging times.  

The baffling part and bizarre is that the readiness of this government to pay the delay charges for the tankers and ships anchoring within Sri Lankan waters, the charges not in Sri Lankan Rupees, but in US Dollars 18000/= per day and the ships are allowed to stay adjacent two to three weeks, and not days despite claiming that acute shortage for US Dollars.

Why the government has not tried to curb the anchoring the tankers/ships within Sri Lankan waters for prolonged period, and wasting cash in foreign exchange as surcharge despite you all claim tightly strapped of foreign exchange. Additionally, these huge vessels carrying many thousand tons of very dangerous fuel and cooking gas, along with other essential commodities anchored in the sea until those ships are docked for unloading, if any accident occur the Sri Lankan government will be forced to pay whole value for the entire Tank/ship load even without those commodities landing within port itself. Any layman can calculate the heavily compounded risk and bizarre of this and suspect foul-play in prolonging delay the docking of the ship for unloading.

We all can understand the reason for all these is rapidly draining down Foreign Exchange or Dollars in the Central Bank reserves, but whose fault it has been – all of who formed the government alternatively since independence in 1948. Central Bank of Sri Lanka does not have a Forensic Probe facility, all the politicians do know very well of this and dispute and disrupt the Central Bank activities to unchallengeable magnitude, especially during and after the war. This is situation still prevails despite, the commission inquired into the Central Bank Bond Scam emphasized establishing a Forensic Probe Facility and recommended inquiring into bond issuance of 2008 to 2015, and the reply hit back to square one there is “no Forensic Probe facility’!!  

This is a fundamental reason for gradual depletion of Forex from reserves, what made the compounded rapid unavailability of Forex as both should have been considered as different entities in managing foreign exchange properly. Rapidly depleting Forex reserve set in the panic of past misdeeds and panic handling brought about the rapid unavailability of Forex!

What are the misadventure handlings brought about the rapid unavailability of Forex!

1.     Enforced change of foreign currency into Sri Lankan Rupees, according to the rule all incoming foreign currency should be converted to Sri Lanka Rupees within the same month effective from 2021October 23^rd. As soon as this rule came to effect more than 50% of the foreign remittances have been diverted to off shore banking, another 25% stopped remitting to any Sri Lankan bank from foreign countries, within 45 days of this new rule precious 500 billion Dollars have been lost to Sri Lanka, the rule is still intact will continue to drain.  

This is not a panic-stricken idea, but a henchmen idea for collection of commission for each dollar converted to Sri Lankan Rupees from private exchangers. The banking sectors have categorically refused to issue the dollars needed for importing of essential commodities, since the banks could not accumulate the Dollars due to this rule of Enforced Change.  

Most of the foreign currency remitters – skilled foreign employees do convert their part of the foreign currency without any instructions or demand to meet their immediate family members’ need, now what has happened is, everything said by this government not trusted by anyone, and demand to convert has pushed them totally to reject, change their foreign currency off shore to Sri Lankan rupees send it to beneficiaries, thus Sri Lanka lost another colossal accumulated amount of foreign currency.

Therefore, immediate change of entire foreign currency rule should be withdrawn, attractiveness and trust should be restored for foreign currency remitters and all foreign currency incoming should be considered as Reserve Foreign Currency after spontaneous convert which always happen, and do not try to balance the Money Printed through changed money, it will rapidly weaken the Sri Lankan Rupees. Reserve Foreign Currency will not allow rupee to fall down if not rapidly as of now.

 

2.     The moron advisers to President/ or the president himself as he claimed in his address to Nation, pushed the Central Bank to peg the dollars, tried to defend artificially the indefensible, and allowed further 4 billion dollars public money is to be drained off. Lately realized the suicidal blunder and restored dollar to float, better late than never decision welcomed.

3.     Though the welcoming decision to allow Dollar value to float of late, the above 1 and 2 have coupled drastically during this peg period to drag down the rupees with rapidity.

  

4.     Lost state revenue of by Rs. 600 billion (rupees) per year when implemented the, tax cuts which were never demanded by already rich beneficiaries, perhaps as a bribe to those Business Magnets and silence who were responsible for the change of government in 2015, and to silence them towards the selfish “mismanagement” foreseen. Quote - "I foresaw the coming crisis" Unquote from address to the Nation 18/03/2022

You all are trying to balance this annual colossal loss Rs. 600 billion through enforced conversion of hard-earned foreign currency of skilled workers who work under very appalling conditions in foreign countries leaving their loved ones inshore who are not covered by Employees Trust Fund or Employees Provident Funds as well for their older age support unlike the inland workers. You have made the tax cut rich beneficiaries to ride on the back of Skilled foreign employees who has already done many sacrifices as for earning their dearly foreign currency, who has no any other benefit for older age living. Thus 1. Above and 4 are very idiotic actions compounded the present situation have to be revoked to increase the revenues and reserves.           

5.     By trying to fix the Dollar artificially to low level as explained in 2., allowed the informal banking short-circuiting Sri Lanka, and further drained of 2.5 billion USD (US Dollars)- formal banking have to be attractive concessionally for remitters investors for cash and foreign currency to flow for a state.

6.     The Most drastic and somewhat hilarious is Central Bank increasing the foreign currency deposit from10% to 25% from Banking sector, after closing all the avenues for collection and accumulation of foreign currency.  Reference 1, 2 and 5 above, though 2 have been revived now, the damage had been already done via breaking the trust of the banking sector for foreign remittances. This action also contributed to mistrust, and when flow had reduced, you are trying to balance it by just increasing deposit without researching into the reasons for reduced flow.

7.     Appointed selfish, arrogant, incompetent and corrupt political henchman and stooges to the highest positions in State Agencies with unwarranted highest renumeration, only to create pandemonium among the public and helping them to use the crisis as an opportunity for black marketing essential commodities including Gas and fuels.

8.     In order to accommodate 7, and to pay all the excessive political appointees in almost all the state sectors involved in unqualified printing of money and created the further depreciation of rupees against the Dollar. Every foreign currency penny incoming only  qualify the money printing as per appreciation of the currency type.

9.     Sri Lanka is desperately dependent on hospitality business, and the frequently allowed scarcity of cooking gas has heavily burdened the industry, especially the small-scale ventures, and has been further aggravated slowly closing down. Wildlife Reserves and adjacent surrounding areas are heavily involved in hospitality ventures have started to use firewood in big way for the frequent lack of electricity, fuel, and cooking gas, this will disturb the biological balance of the wildlife and forest reserves as well. Further burden will be added as urban hospitality industry as well resorting to firewood burning

10.  Though you have foreseen the crisis, instead of trying to avert the looming crisis through No. 7 above inciting the public, to be provocative and manufacture and claim a National Security Issue. The 1000CC motorbike rally organized from Katpitty to Anuradhapura a week ago amidst the heavy fuel crisis is part of this nostalgic strategy, of provoking the public, but thankfully police have acted very wisely unlike April 2021 Easter Sunday calamity.

  Quote  “ Opposition  is trying to topple the government by various means” Prime Minister

unquote,

   Presently there is no government to look into the predicaments and care of the public, the Dollar has already toppled it and the so-called rulers are viewing the whole episode of predicaments of the public as revenge for electoral verdict in 2015 (Refer No. 4 of above) and 2019 electoral verdict is not for Good Governance!