Prime Minister Ranil Wickremesinghe said the massive loans obtained by the Rajapaksa government was one reason for the current depreciation of the  rupee.

He added the government would adopt measures to restrict imports as a way of resolving the current foreign exchange crisis.

Addressing a meeting in Kurunegala, Wickremesinghe said it would be a short-term measure of preventing the heavy outflow of rupees.

At the same time, the Prime Minister said, steps would be taken to strengthen the export sector and bring more dollars into the country.

Wickremesinghe added that except the US, many other countries in the world are grappling with the Dollar crisis and Sri Lanka should find ways of offsetting its impact.

He also predicted that the foreign exchange issue would continue until mid next year.

“The biggest obstacle to handle this crisis is the debt trap left behind by the previous government. We have to repay USD 3000 million as debt this year and the next year, the amount is expected to rise to USD 4000 million.

Had the Rajapaksa administration not obtained massive loans, the Prime Minister said, the rupee would not have depreciated to this level.

Wickremesinghe also stated the current foreign exchange issue had changed the dynamics of the global economy. He expressed confidence that his government would be able to lead the country out of the current crisis.