Wednesday, 22 May 2024 08:38

Central Bank intervenes to prevent rising dollar value Featured

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The value of the US dollar and the Sri Lanka Rupee is determined by the supply and demand. If the value of the dollar rises significantly, the Central Bank of Sri Lanka (CBSL) has sufficient dollars to control it, Finance State Minister Ranjith Siambalapitiya said.

The Central Bank had bought about 1,620 million US dollars in the first four months of this year and there was no need for it or other foreign financial institutions to buy dollars at this time, he disclosed. .

The value of the US dollar is rising rapidly due to several foreign banks operating in the country buying US dollars from the financial market and the Central Bank of Sri Lanka from the banking system.

Hence, there is no need for panic in the financial market due to such false information as the CBSL can control the value of the US dollar at any time as its foreign reserves are now about 5.5 billion US dollars

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