Lanka to allow rupee 'greater flexibility' to boost exports
Friday, 31 October 2008
COLOMBO, Oct 30 (AFP): Sri Lanka's central bank announced today it would allow its rupee greater exchange rate "flexibility" to make its exports more competitive.
"The Central Bank of Sri Lanka has decided to allow the rupee exchange rate against the dollar to respond with greater flexibility when compared to the very stable level that was maintained," it said in a statement.
"This move is particularly necessitated by the fact that the currencies of some of Sri Lanka's major trading partners have since mid-September depreciated sharply against the US dollar, leading to some pressure on the competitiveness of Sri Lanka's exports," the statements said.
"The Central Bank of Sri Lanka has decided to allow the rupee exchange rate against the dollar to respond with greater flexibility when compared to the very stable level that was maintained," it said in a statement.
"This move is particularly necessitated by the fact that the currencies of some of Sri Lanka's major trading partners have since mid-September depreciated sharply against the US dollar, leading to some pressure on the competitiveness of Sri Lanka's exports," the statements said.