Sri Lanka to relax currency band as it moves towards market driven exchange rate
Posted on March 3rd, 2023
Courtesy Reuters.com
COLOMBO, March 3 (Reuters) – Sri Lanka will relax its currency band from next week, its central bank said on Friday, as part of efforts to move towards a market-determined exchange rate as it seeks to secure a $2.9 billion bailout from the International Monetary Fund.
The central bank also raised interest rates by 100 basis points to tackle inflation now running at 50% as the country endures its worst financial crisis since independence from Britain in 1948.