ECONOMYNEXT – Sri Lanka is controlling the price of the rupee with great difficulty and the it could fall to as much 300 to 350 to the US dollar, given past trends, Trade Minister Bandula Gunewardene told parliament without giving a time frame for the target. “Now it is with the gre...
Sri Lanka’s central bank progressively in dollar debt after running down reserves in the pursuit of output gap targeting from August to December 2019 and a more extreme form of stimulus called printing money for a developmental state cum production economy. By February the monetary authori...
Avoid uncertified money traders on the street and try to get cash in smaller denominations as change can be hard to come by. You should re-convert all remaining rupees before leaving Sri Lanka. What food and drink should I try in Sri Lanka? Hoppers (bowl-shaped pancakes), kottu (chopped...
In supporting the US fleet by sending a ship from Sri Lanka’s navy the island has supportedthe continuation of Israeli genocide. Now the question is whether a bankrupt country like Sri Lanka could afford to do this at a reportedcost of US Dollar 250 million. Sri Lanka, over the y...
The Sri Lanka rupee further strengthened against the US dollar yesterday, on positive outlook for inflows. The selling rate was quoted at 191.97 rupees for a US dollar, as against 201.28 rupees on Friday and a peak of 204.62 rupees last week. The indi
ECONOMYNEXT – Sri Lanka’s rupee opened slightly stronger at 300.40/60 to the US dollar on Wednesday, dealers said. Bond yields were significantly up, they said, and stocks opened up 0.39 percent. The rupee closed at 300.60/75 against the greenback on Tuesday. In the secondary market ...
Sri Lanka’s central bank however raised rates in April, in a bid to reduce or end money printing and allow rates to go up and private savings to be directed to the budget deficit after a collapse of the currency from200 to 360 to the US dollar and from 182 since the stimul...
When the receivers are forced to convert into rupees and spend the money, and more imports come in. In order for the government to get hold of the converted dollars it will have to sell rupee Treasuries and try to buy dollars in the market, but due to sterilized dollar sales, Sri Lanka...
The central bank indicative spot rate was 307.78 rupees on Tuesday, down from 310.85 rupees in the previous day. Central Bank’s telegraphic transfer dollar rate was at 293.2/303.5 on Tuesday, down from 289.7/299.9 on Monday. Sri Lanka’s rupee has been made more flexible but a clean float...
Sri Lanka has 1.5 billion US dollar equivalent Renminbi swap with the People’s Bank of China, which is not drawn down. “The Chinese one if we take it into our books by drawing the cash then it will be included, but otherwise it won’t. Right now we are taking the reserves without...