Central Bank says Cabraal’s comments on rupee depreciation misleading

Oct 12, 2018 (LBO) – Central Bank says the allegations made by former Governor Nivard Cabraal in a recent newspaper article that the Central Bank has neglected its statutory duty and the recent depreciation of the rupee could have been better managed are misleading.
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“The exchange rate pressure that is currently observed is not limited to Sri Lanka, and any attempt to reverse such developments by supplying large amounts of foreign exchange from official international reserves would only lead to an adverse outcome,” the Central Bank said. “Instead, the Central Bank has allowed market forces to determine the overall trend of the exchange rate, while intervening when essential to curb excessive speculation on the exchange rate.” The Central Bank and the government have already adopted a number of short-term prudential and fiscal measures to contain the pressure on the exchange rate. “However, the long-term solution to the matter of the exchange rate lies in addressing the persistent current account deficits through encouraging the production economy and merchandise and services exports.”