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BUSINESS NEWS Sri Lanka News

Central Bank takes steps to stem excessive depreciation of Rupee

The Central Bank is of the view that the current enhance in variability of the change charge is unwarranted and unacceptable. Accordingly, among different measures, the Central Bank will take acceptable motion aggressively hereafter to comprise this volatility within the home overseas change market.

The Central Bank expects that these actions, along with the continuation of the curtailment of non-essential imports, will allow the Rupee to understand throughout the subsequent few days in the direction of the degrees of under Rs. 185 per US greenback noticed in November 2020.

The Central Bank reiterates that official reserves remain at sufficient levels. At present, gross official reserves are at US dollars 5.6 billion. Discussions with the Central Bank’s domestic and foreign counterparts to boost the level of reserves are also reaching an advanced stage of conclusion. 

The receipt of these expected inflows as well as the ongoing improvements in the domestic production economy leading to the expansion of foreign exchange earnings will facilitate the maintenance of exchange rate stability, while meeting Sri Lanka’s debt obligations on time, in the period ahead as well,media reported.

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