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LKR on a freefall?
Tuesday, 14 February 2012 - 2:39 AM SL Time
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I predicted this about 2 weeks ago that Ruppee would fall drastically. I am afraid that it started to happen during last 3-4 trading days. Sadly, we are import oriented country. Having low labor rates, we still import more than export. JR started this `open economy` policy which has spiralled out of control with availability of money. Now with the fuel price hike, our inflation is going to go to the moon which will slow down the economy. We should take this as an opportunity and quickly promote exports. Our locally produced goods are now getting cheaper by the day. It is time to promote local businesses and impose some import taxes on items that can be locally manufactured.
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