Economy

President Mahinda Rajapaksa said presenting the 2012 budget to the parliament (Photo: News First)

Budget 2012: Sri Lankan Rupee Deprecated by 3%

Mon, 21 November 2011 08:46

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(NIDAHASA News) Sri Lanka plans to deprecate exchange rate of Sri Lankan Rupees by three percent in a move to boost exports, President Mahinda Rajapaksa said presenting the 2012 budget to the parliament.

"I have asked the Central Bank to depreciate the rupee by three percent with immediate effect," President Mahinda Rajapaksa told parliament as he unveiled the budget.

"We have been able to maintain the growth rate at 8 percent in 2011, the same as 2010." Rajapaksa said

The government initially had forecast growth of 8.5 percent in 2011, but trimmed the forecast to 8.3 percent last month.

President also announced a 10% salary increase for government servants and security forces personnel.

A decision has been taken to stop the sale of land to private entities for development and to only give the land for a lease of 99 years, president said.
"We have a very limited land extent... we will completely stop the selling of government lands for the private sector and have decided only to lease out on a long-term basis"
"If any investor does not adhere to the lease agreement, action will be taken to cancel the lease agreements" he added.

Country's total spending in 2012 is estimated at 2.22 trillion rupees while total revenue is estimated at 1.12 trillion rupees, The Budget deficit in 2012 is forecasted to be 490 million Sri Lanka Rupees or 6.2 per-cent of GDP.

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