Fuel price formula was a brave decision - Harsha De Silva

Colombo (News1st) - Deputy Minister of  National Policies and Economic Affairs Dr. Harsha de Silva stated that the rupee has "overshot (depreciated more than) its fair value" and that the rupee would bounce back and strengthen in the coming weeks. Posting a lengthy statement on his official Facebook page, the Deputy Minister attributes the depreciation of rupee to the strengthening of the US economy and trade tensions with China. Dr. Harsha de Silva accepts that disruptive speculation and partly genuine lack of confidence in the Central Bank to control the situation could also have played a major role in the depreciation of the rupee. While crediting the Central Bank for its actions, the deputy minister states that the Central Bank could maintain the LKR at a level adjusted slightly upwards to correct for the overshooting While describing the fuel price formula introduction as brave, and not a condition imposed on Sri Lanka through the multinational financial institution, the deputy minister states that the fuel price formula is aimed at limiting demands. "Social consciousness of our high-income people are also important now; perhaps postpone by just a couple of months that new luxury car or that trip to Alaska. These will all help to cut the demand at the margin." - Harsha de Silva. After a serious social media backlash against the post, Harsha de Silva once again took to Facebook earlier today to complain about the manner in which the internet had treated him unfairly. He says "I do understand that there is a certain amount of displeasure towards the government. But why was all this anger directed towards me?." The answer to this question could most possibly be found if the honourable MP takes a stroll down memory lane and reexamines what he and his colleagues said during their time in the opposition and during the 100-day government. People lash out when they lose confidence in someone they wanted to trust. I will let his own words speak on how the people reacted to him .