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Forex controls suspended as Rupee fall continues

The government has suspended foreign exchange controls, as the Sri Lankan rupee depreciated further against several international currencies.

The selling rate of the U.S Dollar, Euro and Japanese Yen appreciated to Lankan Rupees 193.75 , 211.
67 and 1.81 respectively, as at yesterday.The buying rates stood at LKR 188.56 203.34 and 1.73 respectively.

According to official statistics the Rupee had depreciated by 4.7 percent against the U.S Dollar in the last one month, due to its speculative behaviour arising from the Coronavirus.outbreak.

The government said that controls and taxes relating to all inflows of foreign exchange had been suspended for a period of three months with effect from Thursday, to stem the economic fallout from the spread of the Coronavirus disease and support the country”s battered balance of payments position.

All Forex remittances, it assured would be protected under the banking secrecy provisions

Author: TELO Admin