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CBSL to allow greater flexibility in the exchange rate with immediate effect

The Central Bank of Sri Lanka (CBSL) on 04 March 2022 announced a comprehensive policy package in consideration of the severity of the external shocks and recent developments in the domestic front. 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, 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 will continue to closely monitor the developments in the domestic foreign exchange market and make appropriate policy adjustments accordingly.

Source – Ada Derana


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