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HomeLatestSri Lankan Economy Stabilizes as Local Currency Appreciates Against USD, Says Minister
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Sri Lankan Economy Stabilizes as Local Currency Appreciates Against USD, Says Minister

In a recent announcement, Sri Lankan State Minister of Finance Shehan Semasinghe highlighted significant strides in the country’s economic stability, noting a notable appreciation of the local currency against the U.S. dollar. According to Semasinghe, the Sri Lankan Rupee has strengthened from 360 to 300 against one U.S. dollar since 2022.

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Taking to social media, the minister expressed optimism about the emerging growth trajectory of the economy. He underscored that exchange rates in Sri Lanka are determined by market forces, allowing currency values to adjust in response to supply and demand dynamics in the foreign exchange market.

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Semasinghe emphasized that the strengthening Sri Lankan Rupee holds multifaceted benefits for the economy. Notably, it is expected to bolster purchasing power, mitigate inflationary pressures, foster price stability and financial system resilience, and crucially, alleviate the burden of debt servicing.

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The minister’s remarks signify a positive outlook for Sri Lanka’s economic landscape, buoyed by the recent currency appreciation and its potential implications for broader economic indicators.

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