Sri Lanka can build Mannar island into a entertainment filled tourism hotspot which will use dollars as its currency like Macau, newly appointed state minister for tourism Diana Gamage has said.
Macau adds to a long list of dream countries with stable single anchor monetary regimes with currency boards of currency board like systems.
Other such countries that Sri Lanka frequently aspires to become economic hubs like Singapore (modified currency board), Dubai (currency board like system) or Hong Kong (orthodox currency board).
“We can make the Mannar Island like entertainment location like Macau island,” Minister Gamage told after assuming duties.
“Business can be done in dollars. No rupees.”
Macau has a currency board with Hong Kong dollar at 1.03 Macau Pataca and also currency competition where foreign currencies like the US dollar can be used.
In Sri Lanka the central bank and police arrest people who try to protect their savings from depreciation using draconian legal tender laws after printing money to create forex shortages. In 2022 a money laundering law was also deployed against the people.
Source: Economy Next