Rupee steady says Ravi K

Friday, 25 November 2016 00:00 - - {{hitsCtrl.values.hits}}

Finance Minister Ravi Karunanayake yesterday said that the rupee was not under pressure and revenue was flowing in steadily.

He claimed that the market today was driven by sentimentality.

“Somebody comes and says Trump has come. So the first day it went down and the second day it goes up. Actually there is no fundamentalism. On that basis you will have this rocky thing going toward turbulent times that are created artificially by many theories that are put forward,” he said.

However, the Minister said that the rupee would stabilise with strong fiscal policies that will be adopted in the near future.

“You will see the real rupee coming out with our strong fiscal policies that will be adopted,” Karunanayake added.

Denying some of the allegations made by exporters with regard to the withdrawal of SVAT, he said the problems were created by small timers.

“The big people are not mentioning it. It is the small guys who try to create a scene. It is those who try to fraudulently use this that are belly aching,” Karunanayake pointed out.

The Minister reassured that the RAMIS would be fully operational from 1 January and assured exporters that there would be no problem at all.

“This (withdrawal of SVAT) is only a cash flow issue. As soon as you put the input that is shown in the RAMIS you are ready to get the output,” he added.