The stock market is falling as SrI Lanka’s political storm continues. Bussinesman Dhammika Perera’s appointment to Parliament created a slight climb in the stock market, but the trend has not been sustained.
The main All Share Price Index (ASPI) fell 1.9 percent in the week to 7,898.79 despite a 3.5 percent gain in the last three sessions through Friday.
Meanwhile, it is speculated that another Rajapaksha is getting ready to bid goodbye to politics and the political system seems unstable.
The visit of the Executive Director of the United Nations World Food Programme (WFP) is an indication that Sri Lanka is going to be critically dependent on food aid for some time.
Prime Minister Ranil Wickremesinghe was warned by the executive officers of the Central Bank that appointing Governors without prior central banking experience could bring about disastrous results. , in the wake of the latest currency crisis.
Central Bank Executive Officers:
“We closely observe the decisions taken by the current political authority/ ies with regard to the Central Bank of Sri Lanka and the Central Bank Executive Officers’ Union will not hesitate to respond expeditiously if any political appointments are made that could impede the future progress of the Central Bank and the economy as a whole.” said the Central Bank Executive Officers’ Union which has been silent while Governors with strong political affiliations had been appointed.
The current Governor Nandalal Weerasinghe issued a statement that he has a good working relationship with the Prime Minister while there was speculation that Dr. Indrajith Kumaraswamy was to be appointed Governor.
Full-blown humanitarian crisis
Sri Lanka is at risk of tipping into a full-blown humanitarian crisis as the country’s economy suffers its biggest shock in decades, the U.N. humanitarian office (OCHA) said on Friday.
“Sri Lanka is facing its worst economic crisis since independence in 1948. We are concerned that this could develop into a full-blown humanitarian emergency,” OCHA spokesperson Jens Laerke told a regular U.N. news conference in Geneva.