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The Sri Lankan economy has shown signs of stabilization, with State Minister of Finance Shehan Semasinghe highlighting a significant appreciation of the local currency against the US dollar. According to Semasinghe, the Sri Lankan rupee has strengthened from 360 against the dollar in 2022 to the current rate of 300.
In a social media post on Saturday, Semasinghe expressed optimism about the emerging growth in the country’s economy. He emphasized that Sri Lanka’s exchange rates are determined by market forces, allowing for adjustments based on supply and demand dynamics in the foreign exchange market.
The appreciation of the Sri Lankan rupee carries several potential benefits, according to Semasinghe. It is expected to enhance purchasing power, alleviate inflationary pressures, contribute to price stability and financial system stability, and importantly, ease the burden of debt servicing.
Semasinghe’s remarks indicate a positive outlook for Sri Lanka’s economic landscape, suggesting progress in addressing currency fluctuations and fostering economic resilience.
