Rupee collapse shows the government failed to continue Ranil Wickremesinghe’s economic programme, the UNP says.
Rupee collapse has exposed the government’s failure to maintain the economy handed over by former President Ranil Wickremesinghe, the UNP charged.
The United National Party issued a media release questioning the government over what it called the uncontrolled and rapid depreciation of the rupee against the US dollar.
According to the UNP, when former President Ranil Wickremesinghe handed over the country to the current government 20 months ago, the dollar stood at Rs. 292.
Today, the party said, it has risen to Rs. 354.
The UNP claimed this sharp increase is largely due to the government’s failure to continue the economic programme initiated by the former President.
It also blamed the absence of a clear economic plan and the failure to increase foreign reserves for the rapid rise in the US dollar exchange rate.
UNP Questions Government Over Rupee Freefall
The party said the private sector has expressed concern that the rupee will continue to depreciate due to rising domestic and international pressure.
While some export industries may enjoy higher profit margins from a weaker currency, the UNP warned that workers and ordinary people will suffer from the rising cost of living.
The party said although exporters in sectors such as garments predict export growth, they have failed to consider the contraction of international markets.
It warned that European markets are facing increasing pressure and may explore alternatives to restrict imports.
The UNP also referred to the United States under President Donald Trump, stating that Washington’s main focus is ensuring Iran does not use a nuclear weapon, rather than economic control.
The party said continued uncertainty over freedom of navigation, caused by the closure of the Strait of Hormuz and attacks in the Red Sea, means shipping costs will rise further.
According to the UNP, this does not present a positive outlook for Sri Lanka’s export industry.
The party also accused Deputy Minister Anil Jayantha of encouraging various organisations to portray the depreciating currency positively.
It claimed this is why many organisations have remained silent, while the Joint Apparel Association Forum has echoed the Deputy Minister’s position by describing the weaker currency as a positive sign for the industry.
The UNP said the apparel industry was originally launched by the United National Party.
It recalled that President J.R. Jayewardene opened the economy, encouraged foreign investors, and developed the industrial sector.
The party also stated that President Ranasinghe Premadasa expanded the industry by creating 200 garment factories.
The UNP said those initiatives were carried out with the single aim of growing the national economy for the benefit of the people.
However, it said it is regrettable that today the industry is endorsing the Minister’s and government’s response by focusing on higher profit margins while ignoring the hardship faced by ordinary people.
The party called on exporters to look beyond increasing profits and ensure that the burden of worsening economic hardship is not placed on workers.
The statement was issued by the United National Party on May 21, 2026.
