Home
Register
COLOMBO (EconomyNext) – Sri Lanka will strengthen the rupee to 130 to the US dollar in two weeks from the current 133.90 to the US dollar Finance Minister Ravi Karunanayake told parliament.
Karunanayake said when the new administration came to power the rupee was 133.20 to the US dollar but it was now at 133.90 to the US dollar.
"Within two weeks we will reduce this to 130," Karunanayake told parliament Tuesday.
"Enough dollars are coming to the country. Investments are starting to come to the country."
The rupee had come under pressure from rising credit from the last quarter of 2014, but the Central Bank poured liquidity into the money market by not rolling over term reverse repo transaction and also cut rates in April.
Analysts had warned that low interest rates in the middle of rising state current spending and recovering private credit would put pressure on the US dollars.
Foreign investors in rupee Treasuries have been selling out over the past month adding to pressure on current transaction coming from low interest rates and rising credit. Over the week selling has increased.
Karunanayake said when the new administration came to power the rupee was 133.20 to the US dollar but it was now at 133.90 to the US dollar.
"Within two weeks we will reduce this to 130," Karunanayake told parliament Tuesday.
"Enough dollars are coming to the country. Investments are starting to come to the country."
The rupee had come under pressure from rising credit from the last quarter of 2014, but the Central Bank poured liquidity into the money market by not rolling over term reverse repo transaction and also cut rates in April.
Analysts had warned that low interest rates in the middle of rising state current spending and recovering private credit would put pressure on the US dollars.
Foreign investors in rupee Treasuries have been selling out over the past month adding to pressure on current transaction coming from low interest rates and rising credit. Over the week selling has increased.
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?