LKR depreciation a temporary fluctuation: State Minister

Colombo (LNW): The depreciation of the Sri Lanka Rupee in recent times is a temporary fluctuation caused by changes in demand and supply, said State Minister of Finance Ranjith Siyambalapitiya, speaking to a briefing yesterday (30).

Adding, the Minister emphasised that the government of Sri Lanka has allowed the value of the US Dollar and the Sri Lanka Rupee to be determined based on market conditions, and the situation was influenced by the need for banks to collect enough foreign currency to provide for depositors who invested in Sri Lanka Development Bonds.

The recent depreciation of the Sri Lanka Rupee, therefore, is a result of banks limiting the release of dollars to the market and will only be a temporary situation, he noted.

Share post:

spot_imgspot_img

Popular

More like this
Related

Reliance Eyes Sri Lankan Firms as India Market Beckons

Reliance Consumer Products Ltd. is seeking to deepen its...

Debt Servicing Risks Mount as Corporate Earnings Lose Ground

Sri Lanka’s corporate sector is confronting a growing debt-servicing...

Sri Lanka’s IMF Lifeline Raises Questions Over Economic Sovereignty

President Anura Kumara Dissanayake’s declaration at the economic summit...

Climate Shocks, Energy Risks Threaten Sri Lanka’s Fragile Recovery

Sri Lanka's economic recovery faces a dangerous combination of...