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Rupee could fluctuate from time to time: State Minister

Although certain parties have accused the Central Bank and the government of artificially strengthening the value of the rupee against the dollar, State Minister for Finance Ranjith Siyambalapitiya said that it has been confirmed that the value of the rupee is determined by the demand and supply of the dollar and that it may fluctuate from time to time.

He made these remarks responding to a question raised by journalists during a program in Dehiowita today that the rupee has depreciated compared to last week.

He said that although the Central Bank is still in a weak position in terms of foreign reserves, it is trying to have a reserve of at least 5 billion US dollars.

He said the government expects to have a positive effect on the economy after receiving the IMF loan, funds from the World Bank and the Asian Development Fund in the next few days.

” It will affect the increase in foreign reserves, the strengthening of the rupee and the decrease in commodity prices,” he said.

Meanwhile, Sri Lanka is on the verge of getting the first tranche of the crucial International Monetary Fund (IMF) Extended Fund Facility (EFF), a four-year US$ 2.9 billion program after an IMF Board Meeting on March 20.

State Minister Siyambalapitiya said that the agreements made between the IMF and Sri Lanka thus far

State Minister Siyambalapitiya said that the agreements made between the IMF and Sri Lanka thus far, will be presented in Parliament next week

Ideal Motors, a leading vehicle manufacturer and an assembling company in Sri Lanka, recently delivered a range of ‘Combat All Terrain Vehicles’, which are specially designed for use on rough terrains and manufactured using local technology, to the Sri Lanka Navy’s Marine Corps. Ideal Motors has taken the initiative to locally manufacture these ATVs, with the technical support from Mahindra and Mahindra – India. Components such as the engine, gear system and the chassis were all sourced from the Mahindra Company in India.

The vehicles’ design and the manufacture of other vehicle parts were carried out by local engineers, and it has been proven via extensive testing that these ATVs are well built and suit any terrain.

Three of these ATVs, which were specially designed to suit the requirements of the Marine Corps, were recently handed over to the Sri Lanka Navy.

Ideal Motors states that this locally manufactured ATV can be purchased at a cost of Rs. 8 million whereas, if imported to Sri Lanka, an ATV of similar capacity, would cost approximately Rs. 20 million.

A three-year warranty period along with a 24-hour breakdown assistance service is also on offer for customers by Ideal Motors.

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