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Sri Lanka says economy has stabilised and growth is emerging

27 Apr, 2024

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The Sri Lankan Government says the economy has stabilized and growth is now emerging.

State Minister of Finance Shehan Semasinghe said that the currency appreciated from Rs. 360/USD in 2022 to Rs. 300/USD at present.

“It is important to understand that exchange rates in Sri Lanka is Market-determined which allows currency values to adjust according to supply and demand dynamics in the foreign exchange market,” the State Minister said on X.

He said that strengthening of the Sri Lankan Rupee will make purchasing of goods and services cheaper over the period.

“This will result in increased purchasing power, help reduce inflationary pressures and contribute to price stability and stability in the financial system. Importantly reduce the burden of debt servicing of the country,” he added.

The State Minister said that the?GDP which contracted 7.8% in 2022 returned to growth in the 3rd and 4th quarters of 2023, with Q4 GDP growth reaching 4.5%.

He says recognising progress in macroeconomic reforms, the measures to stabilise the economy have been thus far been successful, and the government is now in the process of shifting the economy to a new growth path. (Colombo Gazette)

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