Nandalal Weerasinghe is making a huge effort to get his 6 year contract cemented. Which he is likely to get given that the President who understands no economics has been convinced by him that he is doing a great job. The President as usual is so naive that he will be taken for another good ride. This time by Nandalal Weerasinghe. The few things Nandalal has done shows the current crisis is way beyond his imagination. He began by saying the opposition was supporting him. He politicized the CBSL from the word go. Then he swallowed the opposition ropes and increased the interest rates by 100%.
He has virtually destroyed the livelihoods of the Small Businesses. In Sri LANKA other than tenders what other businesses can you run paying 25% interest. Very soon these businesses will add to the burden of the government without jobs and income to feed themselves and their families. Next he committed the biggest mistake, he defaulted on an small interest payment.
The first time in the history of the country. As Governor he will go down in history for doing this. No other Governor in the right mind would do this without even making an effort to mobilize funding to settle the payment. Very soon we understand a case is to be filed against him. The tourism industry is up in arms with him for being so insensitive about the moratoriums for that sector, he had advised them up shutdown or pay up. The future of the country depends on the tourism industry, over 10% of the country workforce works in that sector. His decision to close the open account with out any safeguards has resulted in a shortage of essential items.
His latest stunt mobilization of the pensioners to issue a statement in return to increase their pensions. What a joke . He then went one step further and issued a twitter message using the @CBSL twitter handle saying the CBSL has a good relationship with the Prime Minister.
What a shame? This shows his maturity and wisdom to hold the position of Governor. CBSL sources say if he is given a free hand it will be like giving a “ Wadurata Dalipeheya“. He will cut anything that comes in between him to survive . This is no longer a joke, the country has no money and resources. We cannot certainly have a cow boy as Governor of the central bank. It is peoples lives that we are talking about. Wake up Mr President before it is too late for Sri Lanka.
Adolf
