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Central Bank says Sri Lankan Rupee was relatively stable in 2014

First Guy

First Guy: Posts : 2599
Join date : 2014-02-22

Post n°1

Central Bank says Sri Lankan Rupee was relatively stable in 2014

by First Guy Tue Jan 06, 2015 7:06 am

Jan 05, 2014 (LBO) – Sri Lanka’s Rupee was relatively stable amidst the volatility in the international currency market, the Central Bank has said.

The Rupee appreciated gradually up to the latter of October amidst steady foreign exchange inflows and depreciated slightly with increased demand on foreign exchange particularly due to higher importer demand.
Sri Lanka’s imports grew 7.8 percent to 19.4 billion US dollars in 2014.

By end 2014, the Rupee depreciated by 0.26 percent against the US dollar and appreciated 5.65 percent against the Sterling Pound, 13.19 percent against the Euro, 13.48 percent against the Yen and 2.13 percent against the Indian Rupee data showed.

“Now, in the normal condition that we have been used to, all those appreciations would have depreciated," Nivard Cabraal , Governor of Central Bank said.
"But this has taken place at a time we have had an improvement in our BOP account. We have to ensure that what we have captured is maintained,”

“Maintaining a currency at a robust manner is important. It is not that we are popping it out in an artificial manner,"

“In the same time having currency, which is stable enables businesses and enable businesses to make their own forecast much better.”

The Indian Ocean Island reported a Balance of Payment or BOP surplus of 1,400 million US dollars in 2014.

http://www.lankabusinessonline.com/news/central-bank-says-sri-lankan-rupee-was-relatively-stable-in-2014/513017404