The stable rupee has recently been a hot topic of discussion throughout the nation.
Former deputy governor of the central bank Dr. W. Wijewardene commented on this, citing the central bank’s recent decision to reduce the purchase of foreign exchange from private and state-owned banks from 25% to 15%, the international finance corporation’s (IFC) release of a US$400 million Swap facility to three private banks, and the expectation that an IMF facility would become a reality soon as reasons for this.
Washington-based International Finance Corporation, IFC has agreed to provide 400 million dollar swap facility to three banks in Sri Lanka for trade financing. Commercial Bank of Ceylon, Sampath Bank and Nations Trust Bank will get the money to help import food, medicine and fertilizers.
He fears this could be an artificial situation