Releasing a statement, CBSL Governor Dr. Nandalal Weerasinghe stated that the Central bank would announce a daily trading band for the rupee-dollar exchange rate to avert high off-market premiums being charged from importers by exporters and stabilize volatility.
“The band will be based on the previous day’s price and a plus or minus margin,” Governor Weerasinghe told reporters in Colombo.
The measure was adopted as exporters asked banks to sell part of the dollars to third parties at higher prices on occasions where dollars were being used for non-essential imports such as refrigerators.
The trading band will establish a more transparent price for exporters and importers.
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