![]() Why should the country pay for politicians mistake? How long do you want to stay in this debt cycle? Country need strong leadership to get out of this mess. Sri Lanka will never be debt free if have to pay $600 million in interest every month. When the debt gets unbearable and no way out, not paying the debt going to bankruptcy is the only way to go as said by Warren Buffet. You cannot go to jail for not paying debt. Burden is on the lender to ensure repayment capacity before lending. What are they going to do? Invade us? Technically, there should be a bankruptcy laws for countries to wipe its debt when they cannot pay similar to personal and corporate bankruptcy laws in US. They cannot issue binging resolutions like UN Security Council. There is no recourse in international law to force a country to pay its debt. We pay roughly $600 million every month in interest. 2 From money saved every month by not paying interest. Once we build enough reserve to match the total rupees in circulation from money saved by not paying interest, we should hard peg our currency to USD making our economy clone of US economy Which is why they will turn these debts into grants in 10-15yrs. Longer we owe them money, longer those politicians look like fools to their public for lending us money. Will get free stuff like medicine as long as we are in default. Dynamics of the cost changes of 100000 Sri Lankan Rupee (LKR) in US-Dollar (USD) May 11, 2023, Thursday, 100000 LKR 315.90 USD, -, - May 12, 2023, Friday. How are you going to pay 50 billion dollars in debt with a 4 billion IMF loan? Is your own company ramping up production to increase the size of country GDP? We will do fine as a country in default than a country carrying 50 billion in debt. Only thing IMF loan will do is put us in another debt cycle. World doesn't operate on your university wisdom We are doing ok now without the IMF loan. That’s after the IMF said it will decide on a 2.9 billion bailout for Sri Lanka on March 20 following. Its foolish to get IMF loanįeroze - You must be a western minded person like Ranil to grab the IMF loan from your western masters without thinking about the consequences. The rupee advanced 0.5 to 316.8 per dollar on Thursday, taking its annual gain to 14. Only thing other countries can do is not give us any more loans which we don't need and cannot seize our assets like a bank. This a once in a lifetime opportunity wipe our debts if we don't get the IMF loan let the country stay in default for few more years until they erase our debts. We save millions of dollars every month by not paying debts which we can use to build our own reserves. Ranils IMF loan will only restart the debt payment cycle. Wait 10 years and all these countries will convert these debts to grants when they become unrecoverable and we will immerge debt free. Tell me how the dollar came down? Its best that we don't get any loans from IMF at all. Money we are getting from IMF is another loan to pay previous loans. Our true reserves are only 100 million at most. Other 500 belongs to India we only use essential item imports from India. Q: What is 50 Dollars in Sri Lankan Rupees?Ī: 50 Dollars buys 14906.545 Sri Lankan Rupees at interbank exchange rates.Our reserves are only 2.1 billion out of which 1.5 billion is credit swap from China we cant use for imports. ![]() Q: Is the Dollar going up or down against the Sri Lankan Rupee?Ī: Today's exchange rate (298.1309) is lower compared to yesterday's rate (302.332). ![]() Q: What is the Dollar worth against the Sri Lankan Rupee?Ī: One Dollar is worth 298.1309 Sri Lankan Rupees today It is issued by the Central Bank of Sri Lanka. It is subdivided into 100 cents, but cents are rarely seen in circulation due to its low value. To convert Dollars to Sri Lankan Rupees or determine the Dollar Sri Lankan Rupee exchange rate simply use the currency converter on the right of this page, which offers fast live exchange rate conversions today! The Sri Lankan Rupee is the currency of Sri Lanka. For full history please visit USD/LKR exchange rate history page
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