Rupee Devalued; CBSL Ready To Take Further Measures
Posted 8,March

By Chehan Jayasuriya

In Local News

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Later last night the CBSL announced that the cap on dollar has been revised upwards to Rs.230 from Rs.203 previously.

This news comes as part of the comprehensive policy package unveiled on the 4th of March by the Monetary Board of CBSL. The policy package is aimed at countering economic headwinds caused by the severity of external shocks and recent domestic developments.

CBSL indicated that it will be closely monitoring the emerging macro economic and financial market developments and will stand ready to take further measures as appropriate, with the aim of achieving greater stability in the fronts of inflation, the external sector, the financial sector and real economic activity.

Accordingly, greater flexibility in the exchange rate will be allowed to the market with immediate effect. Further, CBSL will continue to monitor developments in the domestic foreign exchange market and make appropriate policy adjustments accordingly.