Sri Lankan economy has stabilized and the growth is now emerging says Finance State Minister Shehan Semasinghe. “The currency appreciated from Rs. 360/USD in 2022 to Rs. 300/USD at present. It is important to understand that exchange rates in Sri Lanka are market-determined which allows currency values to adjust according to supply and demand dynamics in the foreign exchange market.”
“Strengthening of Sri Lankan Rupee will make purchasing of goods and services cheaper over the period. This will result in increased purchasing power, help reduce inflationary pressures and contribute to price stability and stability in the financial system.” Importantly reduce the burden of debt servicing of the country GDP which contracted 7.8% in 2022 returned to growth in the 3rd and 4th quarters of 2023, with Q4 GDP growth reaching 4.5%. Recognising progress in macroeconomic reforms, the measures to stabilise the economy have been thus far successful, the government is now in the process of shifting the economy to a new growth path.
