Governor Cabraal ducks missile attack

CoL: HOW ABOUT ALL THE PRICES THAT ARE COMING DOWN, HE ASKS Central Bank Governor Ajith Nivard Cabraal vehemently opposed the “Scientific explanation of CoL” and condemns the insult offered by the Opposition Leader Ranil Wickremesinghe, when he said ‘the Central Bank Chief Cabraal is responsible for ‘downward spiral economy’ saying  people should be more concerned about the Cabraal-missile than the Agni-missiles, the Indian launched several days back’. The governor said, “If Mr. Wickremesinghe wants to hold me responsible for what he calls a “downward spiral” of the economy, maybe he will also hold me responsible for the many successes of our economy as well.  This would include the fact that Sri Lanka has recorded a more than 8% growth for two consecutive years in 2010 and 2011, and a projected growth of 7.2% this year. Our country’s foreign reserves are at a level of over USD 6 billion, although during his time, we were barely at a level of USD2 billion. The recent depreciation of the rupee, although the subject matter of many comments, is one of the lowest ever in our history.  During the period Mr. Wickremesinghe was a Minister and Prime Minister, the country suffered from the depreciation of our currency by over 50%, in each five year period.” “The Public Debt to GDP ratio in our country now kept below 80%, the lowest ever in 27 years, when during the time he was the PM, it was over 105%. If Mr. Wickremesinghe and his party think that the present indicators of our economy shows a “downward spiral”, then everyone will have to say it is good to be in such a “downward spiral.”  Opposition Leader Ranil Wickremasinghe in his recent speech spoke about the sky-rocketing cost of living in Sri Lanka.  He had said that CoL is far more destructive and forceful than the Indian missile that was launched a few days back.  He also said that the Central Bank Chief is responsible for the rising prices and the downward spiral of the economy and pointed out that the government had not taken any action to rectify these matters.  Mr Wickremasinghe told the masses to be more concerned about the Cabraal-missile than the Agni-missile, and that the people are suffering because of it, and asked the government to increase wages.    “Actually, even in the face of our present benign macro-fundamentals, if he and the others in the opposition cannot acknowledge and accept these, it perhaps suggests that they fear that the successes of our economy will erode their chances of an election victory in the foreseeable future. When they have that fear, insulting public servants like us and discouraging them may seem like a good strategy from the opposition’s point of view. But I think it is going to boomerang on them because I will not accept such insults. When that happens, as Lord Buddha has preached, the insults will revert back to the accusers!” Governor Cabraal said. Single digit inflation      Full Story>>>>