News

Central Bank decides to allow greater flexibility in exchange rate

07 Mar, 2022

The Central Bank of Sri Lanka has decided to allow greater flexibility in the exchange rate with immediate effect.

Issuing a statement, the Bank said that considering the severity of the external shocks and recent developments in the domestic front, the Monetary Board of the Central Bank of Sri Lanka announced a comprehensive policy package on 04 March 2022 with the view to counter such economic headwinds.

The Central Bank also indicated that it will continue to closely monitor the emerging macroeconomic and financial market developments, both globally and domestically, and will stand ready to take further measures as appropriate, with the aim of achieving stability in the fronts of inflation, the external sector, the financial sector, and real economic activity.

In that context, the Central Bank said that greater flexibility in the exchange rate will be allowed to the markets with immediate effect.

The Central Bank is also of the view that forex transactions would take place at levels which are not more than Rs. 230 per US dollar.

The Central Bank said it will continue to closely monitor the developments in the domestic foreign exchange market and make appropriate policy adjustments accordingly. (Colombo Gazette)

Recommended For You

Feature Image

Parliament observes 2-minute silence in memory of Queen Elizabeth II

Sri Lanka’s Parliament today observed a 2-minute silence in memory of Queen Elizabeth II. Prime Minister Dinesh Gunawardene requested Parliament to observe a 2-minute silence in memory of the Queen who passed away yesterday. The opposition also expressed its condolences in Parliament on the death of the Queen. Queen Elizabeth II, the UK?s longest-serving monarch, has died at Balmoral aged 96, after reigning for 70 years. Her family gathered at her Scottish estate after concerns grew about he

09 Sep, 2022

Feature Image

Social Security Contribution Levy Bill passed

The Social Security Contribution Levy Bill was passed by Parliament today, with amendments.?? Several MPs were not in Parliament at the time of the vote. The Bill was passed during the second reading with 91 MPs voting for and 10 against it. The Bill was passed with amendments during the third reading, without a vote. The Social Security Contribution Levy Bill was introduced as a measure to raise government revenue and rebuild the economy hit by the Covid-19 pandemic. This tax is levied at

08 Sep, 2022

Feature Image

Prince Charles becomes King at age 73

Prince Charles is king at last.?The British heir apparent, who is 73, ascended to the throne following the death of his mother, Queen Elizabeth II. ?The Queen died peacefully at Balmoral this afternoon,? the palace said Thursday. ?The King and The Queen Consort will remain at Balmoral this evening and will return to London tomorrow.? The queen, who lived to be 96, reigned for an astounding 70 years. Prince William, 40, and Prince George, 9, are now first and second in line to the throne. Char

08 Sep, 2022