May 16, Colombo (LNW): President Ranil Wickremesinghe has condemned individuals spreading disinformation that adversely affects the stock market, noting that speculation about the dissolution of Parliament is causing significant market instability.
Certain individuals claim that discussions on economic transformation are failing, while others predict the dissolution of Parliament, and such statements lead to a downturn in the stock market the following day, allowing these individuals to buy shares at lower prices, Wickremesinghe explained.
When the government reassures the public that no such developments will occur, the market rebounds, and they sell their stocks at a profit, he went on, adding that this is not a political issue.
The President’s comments came during the opening of the new Court Complex in Theldeniya.
Sri Lanka’s economy is grappling with severe challenges, including a debilitating debt crisis, high inflation, and acute foreign exchange shortages.
The economic situation has been compounded by political instability and allegations of poor governance, resulting in widespread hardship amongst the population.
Critics argue that the government’s inability to implement effective economic policies and manage public resources has exacerbated the crisis.
Inflation rates have surged, eroding the purchasing power of ordinary citizens, whilst the potential depreciation of the Sri Lankan Rupee already predicted by economists has escalated the cost of imports, placing additional burdens on consumers.
The International Monetary Fund (IMF) has intervened with financial assistance, but structural reforms are imperative to stabilise the economy.
Many citizens are frustrated with the lack of tangible progress and transparency in the government’s efforts to address these economic issues.
President Wickremesinghe’s comments on market manipulation add another layer of concern, suggesting that certain individuals may be exploiting the current economic uncertainty for personal gain.
This situation, therefore, unveils the urgent need for robust regulatory measures to ensure market integrity and protect investors.
