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In the face of the acute exchange crisis, the central bank took steps on March 07 to allow high flexibility in the exchange rate.
Announcing the exchange policy, the Central Bank of Sri Lanka said that the Central Bank expects foreign exchange transactions to remain at a level of no more than 230 rupees per US dollar.
But within two days, the value of the dollar rose to 265 rupees.
At the same time, the prices of almost all commodities, including fuel, medicine, food, transportation charges, have risen against the dollar.
Economic experts say that the purchasing power or 'working power' of the people has decreased by 28% in a week compared to the increase in the value of the dollar by 28%.
Do you know which 367 non-essential items are subject to import restrictions?
Gas shortage disables the country - women also take to the streets
People's protest is intensifying due to the increase in commodity prices
තෙල් මිල, බඩු මිල ඉහළ දමන
— Anura Kumara Dissanayake (@anuradisanayake) March 14, 2022
ජන පීඩක ආණ්ඩුවට එරෙහි
විරෝධතාවය අම්බලන්තොට නගරයේදී pic.twitter.com/hdOW8p8tTF
The price of oil increases the price of goodsAgainst the oppressive governmentProtest in Ambalantota city— Anura Kumara Dissanayake (@anuradisanayake) March 14, 2022
Petrol, diesel and kerosene, milk powder queues have once again been joined by gas queues. Currently, the gas shortage has worsened almost all over the island. Due to this, as well as housewives, restaurant, hotel and restaurant owners are also facing severe difficulties.
"In the past, you could go to work for three days by fueling your bike for 500 rupees. Today, you can't even buy 2 liters of petrol for 500 rupees," said a motorcyclist with the BBC Sinhala service.
"Our wages today are limited to flour, lamp oil, and gas. A family is destroying the entire country. We have resigned to tell the government to go," a woman in the kerosene line said impulsively.
"No gas, no flour, no flour for children to drink tea. What is this? Everyone in this queue is helpless. Our time is over. Our children need to live," she said.Petrol, diesel and kerosene, milk powder queues have once again been joined by gas queues. Currently, the gas shortage has worsened almost all over the island. Due to this, as well as housewives, restaurant, hotel and restaurant owners are also facing severe difficulties.
"In the past, you could go to work for three days by fueling your bike for 500 rupees. Today, you can't even buy 2 liters of petrol for 500 rupees," said a motorcyclist with the BBC Sinhala service.
"Our wages today are limited to flour, lamp oil, and gas. A family is destroying the entire country. We have resigned to tell the government to go," a woman in the kerosene line said impulsively.
"No gas, no flour, no flour for children to drink tea. What is this? Everyone in this queue is helpless. Our time is over. Our children need to live," she said.
A group of civilians who were voluntarily organized without politics demanding solutions to life problems also protested with candles at night in Rajagiriya, Kohuwala, and Mt.
They said, "The country is done well, now tell them to go home."
Today Peoples Protests will be held at;
— Mari (@EmDeeS11) March 13, 2022
- Kohuwela junction - 7.30pm
&
- Thunmulla opposite DBU - 7pm
Do join either protest or organise protests in your neighborhoods!
Keep coming out!#SLinCrisis #LKinCrisis pic.twitter.com/x9A228KkYI
The whole way of life has collapsed. Is the country anarchic?
"Now the system has collapsed from all sides. Now we are unable to find the beginning, the end and the middle of the crisis. None of us knows what will happen next," says Professor Aminda Methsila Perera of the Faculty of Management and Finance, Northwestern University.
"We saw there was a gas queue, the gas exploded. Then after it ended, a milk powder queue came. When it ended, an oil queue came. Again, the gas queue comes, the milk powder queue comes. This has become a part of the lifestyle. People want a packet of milk powder in the queue from 1, 2 in the morning. When people buy it, they think that everything is fine now, that we have found the goods. That's where our mind is set. With this, the entire lifestyle has collapsed. People are in queues at night, there is no electricity in the offices during the day. Education has collapsed. It has collapsed from all sides."
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"These people can't understand this. The rulers can't understand either. Don't look for knotted corners to fix anything, Noule. We can't look like that now. We are groping in the dark so much that we can't find it now. People are lost and waiting to see. The man who listens asks what is going on. said the professor.
"People are trapped in a lot of problems. That's why people don't get out. Because people don't have time to get out. In the past, if only one thing happened like the oil price increased, the government would have been overthrown. All the problems came and people couldn't even think about getting out. "If you say it in plain language, it means I am busy," Professor Perera said.
"People are now looking at how they will survive tomorrow, or how they will run away from this country at the first opportunity they meet."
"If the demand for the dollar increases, the dollar will also increase. There is an increase in imports more than our exports. Last week alone, the dollar increased by 28%. That means our working capacity decreased by 28% within a week."
Professor Aminda Metsila said that his hypothesis is that the value of the dollar will be 300 rupees by the end of this year.
"The results of the Geneva Commission will come in a few months. In the end, if we get things like a trade embargo, we will be stuck even more. Cardinal Thera's intervention cannot be underestimated. The Cardinal had to go to Geneva. He cannot be blamed. He had to go for his people. Now there is also the General Assembly of the International Parliament. .
Prof. Perera says that people will take to the streets in another week.
"In another week or two, workers will take to the streets. People can't bear it. Expenses have increased by approximately 60% - 70%. Food and oil have increased. People will take to the streets demanding a 20% increase in wages. The plantation workers are very helpless. Wheat flour Because of the increase of 35 rupees per kg and the increase in kerosene. Those people are also coming."
"At the same time, there will be a wave of protests. People cannot bear it. If that happens, we will be a revolution," he said.
"Giving 5000 rupees" - Basil
In the meantime, Janatha Vimukthi Peramuna political committee member Wasantha Samarasanha asked whether the government is undermining the government.
"Is the government cheating? In the past, the price of oil increased by 5, 10, 15 rupees. Today, the price of oil increases by cents and half-centuries. When all these increases, the government is silent. Then they said, 'Give it to us and we will show it.' The people," he said.
However, Finance Minister Basil Rajapakse recently responded to the questions raised by the journalists and said in Gampaha that relief has been given to the people in view of the current situation.
"Giving 5000 rupees. Giving as much as possible," he said.
Commenting on the current crisis situation, he said, "When one goes, another comes. Now the Russian-Ukrainian war has come. We are trying to give relief to the people."
Minister of State for Finance Shehan Semasinghe also said in a recent event that the government is ready to cooperate with other institutions including the International Monetary Fund.
He also mentioned that all necessary measures are being taken to strengthen the country economically.
He also said that all programs will be implemented for debt management.
Meanwhile, today (March 14) several high-ranking members of the International Monetary Fund met the Minister of Finance Basil Rajapaksa and they are also scheduled to meet the President.
Highest fuel price increase in history
Lanka IOC increased the prices of diesel and petrol with effect from midnight on March 10.
Accordingly, a liter of diesel of all types was increased by 54% (by 75 rupees) and a liter of petrol by 12% (by 50 rupees). Accordingly, the price of diesel rose to 214 rupees and petrol rose to 254 rupees.
This is the first time in recent history that fuel prices have been increased by the highest amount.
In a statement, Lanka IOC stated that the fuel prices were revised due to the significant devaluation of the rupee.
Pointing out that the price of oil has increased due to the prospect of imposing a complete ban on Russian oil and products, Lanka IOC stated that international fuel prices have reached the highest level since 2008.
Lanka IOC also increased fuel prices on February 25, 2022, where a liter of petrol increased by 20 rupees and a liter of diesel by 15 rupees.
earlier. On February 06, 2022, the Lanka IOC company increased the fuel price, where the price of a liter of petrol increased by 7 rupees and a liter of diesel by 3 rupees.
The Ceylon Petroleum Corporation also increased fuel prices effective from March 12.
Petroleum Corporation Fuel Prices
Fuel Type Existing Price New Price
Petrol Octane 92 Rs 177 254
Petrol Octane 95 Rs 207 283
121 176 rupees per liter of auto diesel
159 254 rupees per liter of super diesel
87 per liter of kerosene
Accordingly, a liter of 92 octane petrol will be cheaper by 43.5 per cent (by Rs. 77), a liter of 95 octane petrol by 36.7 per cent (by Rs. 76), a liter of auto diesel by 45.5 per cent (by Rs. 55) and a liter of super diesel by 59.8 per cent (by Rs. 95) the price went up.
The price of wheat flour has gone up - the rice packet and the kotthi have gone up in flames
Prima and Serendib companies have hiked wheat flour prices due to rupee depreciation.
Accordingly, Prima Company has increased the price of wheat flour by Rs. 35-45 and Serendib Company by Rs. 35.
In view of the increase in the price of wheat flour, the All Ceylon Bakeries Association took steps to raise the price of a pound of bread by 30 rupees from March 12.
Accordingly, the new price of a pound of bread is between 110 - 130 rupees. Earlier, a pound of bread was priced between 70-90 rupees. Under the new price revision, the prices of buns and other bakery products were also increased by 10 rupees.
The All Ceylon Restaurant Owners Association took steps to raise the price of a packet of rice by 20 rupees.
President of All Ceylon Restaurant Owners Association Asela Sampath said that the price of kottu will be increased by 10 rupees and the price of snacks by 5 rupees.
He said that the prices of gas, rice and other spices have also gone up a lot.
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| Gas queues are still long [© 2022 BBC] |
Preparing to raise the price of milk powder!
The Milk Powder Importers Association is preparing to raise the price of imported milk powder by 300 rupees. The association mentioned that it is planned to raise the price of a 400 gram packet of milk powder by 120 rupees.
The association points out that the price of a ton of milk powder in the world market has risen to 5,500 US dollars. They say that in such a background there is no other option but to increase the price of milk powder.
The union also said that the Ministry of Finance and the Ministry of Consumer Protection have been informed about this.
The control price for milk powder has now been removed.
Drug prices are also high
Prices of mobile phones and accessories are increasing
Airline fares go up
The Civil Aviation Authority mentioned that the air ticket fees have been increased by 27%. The authority said that the move was taken in response to the rising value of the dollar.
Cement price up
Cement companies say that the price of a 50 kg bag of cement has been increased by 34.5 percent to 1850 rupees. Some companies have raised the price of a bag of cement up to Rs.1900.
On January 1, 2022, the price of a bag of cement went up to 1375 rupees after the price was increased by 100 rupees. Later, the price of a bag of cement was increased to 1500 rupees.
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| "If 200,000 bags are made in the next day, then enough raw materials have been brought for at least two months. That means that the raw materials for 6000,000 bags of cement have been brought in advance. Even if the goods are brought at the old price, the cement bag will be sold 500 times more, considering the increase of one dollar. The net profit is three billion. ," he added, who works in the construction industry. [YAMIL THISARA/FACEBOOK] |