Semasinghe highlights positives of strengthening Rupee

Monday, 29 April 2024 01:42 - - {{hitsCtrl.values.hits}}

State Minister of Finance Shehan Semasinghe

Rupee has appreciated against US$ by 9% so far this year on top 12% gain in 2023

State Minister of Finance Shehan Semasinghe highlighted the positive impact of the strengthening rupee on the economy, noting its implications for debt repayment, inflation and financial stability.

He underscored that the strengthening of the rupee will gradually benefit the public, attributing exchange rate fluctuations to market demand and supply dynamics.

The State Minister pointed out the importance of reducing the debt repayment burden amidst the rupee’s appreciation, leading to increased purchasing power, decreased inflationary pressure and preserved financial stability.

During the year up to 26 April 2024, the Sri Lanka rupee appreciated against the US Dollar by 9%, according to Central Bank data. In 2023 the Sri Lanka rupee appreciated against the US Dollar by 12%.

“In 2022, the rupee depreciated to 360 against the US Dollar, with predictions indicating a further rise to Rs. 450-500. However, the apt policy decisions taken by the Government were successful in maintaining the exchange rate at around Rs. 300 at present,” he said. Pointing to the Government’s economic stabilisation measures, the State Minister credited the progress of macroeconomic reforms for the country’s success thus far.

He expressed confidence in the effectiveness of these measures, asserting that they have paved the way for the country to embark on a new development trajectory. “With a focus on reducing debt burdens and ensuring financial stability, Sri Lanka is poised to navigate economic challenges and pursue sustainable growth in the years ahead,” he added.

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