Sri Lankan State Minister of Finance Shehan Semasinghe said that the country’s economy has stabilized, with the local currency appreciating from 360 in 2022 to 300 against one U.S. dollar currently.
The minister highlighted this economic progress on social media, noting that growth is now on the rise.
He emphasized that exchange rates in Sri Lanka are market-determined, allowing currency values to adjust based on supply and demand dynamics in the foreign exchange market.
Semasinghe stated that a stronger Sri Lankan Rupee would enhance purchasing power, mitigate inflationary pressures, contribute to price stability and financial system stability, and importantly, reduce the burden of debt servicing.
