Minister Bimal Ratnayake says the US dollar is expected to decline further against the Sri Lankan Rupee, expressing confidence that upcoming IMF funds and the Government’s economic programme will help stabilise the market.
Speaking at a public event, Ratnayake dismissed criticism from opposition politicians over recent exchange rate fluctuations, saying some were celebrating when the dollar rose above Rs. 340.
He claimed the dollar had already started to decline again, dropping to around Rs. 334, and said the Government expects the rate to fall further in the coming weeks.
Ratnayake also said Sri Lanka is expecting around USD 700 million from the International Monetary Fund (IMF), which he believes will further strengthen the country’s foreign exchange position once received.
The Minister accused opposition figures of attempting to create panic over the currency situation, insisting that the Government’s economic programme was continuing successfully. (Newswire)