Economic Development Deputy Minister Nishantha Jayaweera says the Government and the Central Bank of Sri Lanka (CBSL) are implementing targeted monetary and fiscal measures to stabilise the Sri Lankan Rupee amid ongoing economic pressures.
Speaking in Parliament yesterday, the Deputy Minister urged both the public and the business community to reduce demand for expensive and non-essential imports during the current period.
“We request the trading community not to panic and import large quantities of goods into the country because in the near future, when the rupee stabilises, they will have to bear a huge loss on the goods they have accumulated,” Jayaweera said.
He stressed that stabilising the local currency requires a collective effort from the business sector.
According to the Deputy Minister, importers can support the stabilisation process by limiting non-essential and luxury imports that contribute to high foreign currency outflows, while also prioritising local manufacturing and sourcing raw materials domestically whenever possible.
“These steps will support the Government in stabilising the rupee by reducing the demand for foreign currency,” he added.
Jayaweera further stated that Sri Lanka expects nearly US$ 1 billion in foreign funding to support efforts to stabilise the rupee.
He noted that the Central Bank anticipates inflows of approximately US$ 700 million from the International Monetary Fund (IMF), along with an additional combined US$ 250 million to US$ 300 million from the Asian Development Bank (ADB) and the World Bank.
