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FINANCIAL CHRONICLE™ » EXPERT CHRONICLE™ » Sri Lanka: Exchange Rate Movement

Sri Lanka: Exchange Rate Movement

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DeepFreakingValue

DeepFreakingValue
Manager - Equity Analytics
Manager - Equity Analytics

Sri Lanka: Exchange Rate Movement  Sexcha10

*Exchange Rate Fixed and maintained by Governor Cabraal: USD=LKR 202/=
*Exchange Rate Fixed and maintained by Governor Nandalal: USD=LKR 363/=
*Exchange Rate at the time of Debt Default: USD=LKR 327/=
*Current USD/LKR Exchange Rate is LKR 367/=
*Exchange Rate to be Fixed by IMF: Unknown
https://invst.ly/zqha9

Historical Event/Movement
- On 5th of April 2022 when Governor Ajith Nivard Cabraal tendered his resignation as the governor of the CBSL to then President Gotabaya Rajapakse, the USD/LKR exchange rate was LKR 295/=.
- New governor Nandalal Weerasinghe was appointed on 7th April 2022 and at that time the USD/LKR Exchange Rate was LKR 314/=.
- Sri Lanka defaulted its debt on 12th April 2022 and on that date USD/LKR Exchange rate was LKR 327/=.
- Current USD/LKR Exchange Rate is LKR 367/=

Expectations
Exchange Rate Expected by Exporters: USD=LKR 450/=
Exchange Rate Expected by Importers: USD=LKR 250/=
Exchange Rate Expected by Foreign Workers; USD=LKR 400/=

IMF Policy on Exchange Rates

The IMF has been mandated global responsibilities for the international monetary system, which make the conduct of exchange rate policies of all its members—creditors and borrowers—a central focus of its activities. With the objective of promoting an open and nondiscriminatory international monetary system, the IMF and its staff continuously monitor and analyze exchange rate developments in a multilateral context and bilaterally with each member country and provide advice and technical assistance on all aspects of exchange rate policy. The IMF does not offer a single best exchange rate policy prescription, but rather tailors its advice to country circumstances. In doing so, it has found that disciplined financial policies are the essential prerequisite for stable exchange rates.

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