Central Bank stubbornly rules out rupee float

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Central Bank Sri Lanka

The Central Bank decided not to float the rupee against the US dollar rate and allow it to stabilize at market demand in contrary advice from key financial experts.

Senior advisors had conveyed to Finance Minister Basil Rajapaksa the need to float the rupee and peg it at a higher rate according to the Sunday Times.

The Central bank exchange rate at Rs. 203 per dollar but black market rates are rising to Rs.300.

The Central Bank Governor Ajith Nivard Cabral has told media that there was no decision to float the rupee or to allow the IMF to intervene to manage the financial crisis.

Many financial analysts say that trying to resolve the crisis without IMF intervention may deepen the crisis.

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