COLOMBO (NewsRadio); The Governor of the Central Bank of Sri Lanka, Nandalal Weerasinghe says the CBSL will take correct decisions and not popular decisions.
Speaking during an event in Colombo, Governor Nandalal Weerasinghe noted that the general public will overwhelmingly support a move to keep the foreign exchange rates as low as possible.
He said if a referendum was held to keep the US Dollar at Rs. 203, the proposal will be approved by a majority.
Governor Nandalal Weerasinghe said however arbitrarily fixing the exchange rates and the interest rates to please the public will have catastrophic consequences.
He said since a similar decision was taken in 2020, Sri Lanka ended up as a bankrupt nation.
CBSL Governor Nandalal Weerasinghe said using the entire reserves to fix the USD at Rs.203 and the low interest rates were the main reasons behind the financial crisis.
He said the Central Bank is working towards setting the record straight and noted that it will take correct decisions and not popular decisions in the future.