Although certain parties have accused the Central Bank and the government of artificially strengthening the value of the rupee against the dollar, State Minister for Finance Ranjith Siyambalapitiya said that it has been confirmed that the value of the rupee is determined by the demand and supply of the dollar and that it may fluctuate from time to time.
He made these remarks responding to a question raised by journalists during a program in Dehiowita today that the rupee has depreciated compared to last week.
He said that although the Central Bank is still in a weak position in terms of foreign reserves, it is trying to have a reserve of at least 5 billion US dollars.
He said the government expects to have a positive effect on the economy after receiving the IMF loan, funds from the World Bank and the Asian Development Fund in the next few days.
” It will affect the increase in foreign reserves, the strengthening of the rupee and the decrease in commodity prices,” he said.
Meanwhile, Sri Lanka is on the verge of getting the first tranche of the crucial International Monetary Fund (IMF) Extended Fund Facility (EFF), a four-year US$ 2.9 billion program after an IMF Board Meeting on March 20.
State Minister Siyambalapitiya said that the agreements made between the IMF and Sri Lanka thus far, will be presented in Parliament next week.(Darshana Sanjeewa Balasuriya)
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