Central Bank Governor Dr. Nandalal Weerasinghe says that despite some fluctuations in the Sri Lanka Rupee against the US Dollar in the last two weeks, the dollar crisis has been resolved.
The Governor of the Central Bank has confirmed that there are sufficient foreign exchange reserves to support the essential sectors of the country.
He points out that the approval of the International Monetary Fund’s $2.9 billion loan will boost investors’ confidence and help the country attract more investments.
Dr. Nandalal Weerasinghe said that the IMF Finance Board will formally approve the loan amount for Sri Lanka tomorrow, and the first installment of US$390 million will be given on Tuesday.
Meanwhile, the Minister of State for Finance Mr. Ranjith Siambalapitiya stated today that although the Central Bank is still in a weak position in terms of dollar reserves, it is trying to create a reserve of at least 05 billion dollars.
Also, Mr. Siambalapitiya also mentioned that once the IMF loan installment amount, World Bank loan amount and Asian Development Fund loan amount are received in the next few days, it will positively affect the economy.
The minister said that these factors will particularly affect the increase in dollar reserves, the increase in the value of the rupee and the decrease in commodity prices.
He points out that although various parties have accused the central bank and the government that the strengthening of the value of the rupee against the dollar is artificial, it has been confirmed that the value of the rupee is determined by the demand and supply of the dollar.
Regarding the fact that the rupee has depreciated slightly compared to last week, the minister said this while answering a question from journalists after a program held in Dehiowita area this morning.