CBSL must intervene to curb rupee fall - Minister

Sri Lanka Freedom Party (SLFP) media spokesman and Ports and Shipping Minister Mahinda Samarasinghe called on the Central Bank to intervene to stop further depreciation of the rupee.

Although exporters are benefited by the depreciation of rupee, the import sector will be hit hard and increased prices of imported commodities will badly affect the consumer, he said addressing the weekly-press briefing at SLFP headquarters yesterday.

He said President Maithripala Sirisena had also suggested import substitutions for goods and foods that can be manufactured in Sri Lanka. He has instructed Finance Ministry officials to formulate a mechanism to encourage local producers while creating marketing opportunities for their products.

“When there was a 12.5 percent depreciation in 2012, the Central Bank intervened and stabilised the rupee using a part of the foreign reserves. “We heard now the CB is also taking steps to stabilise the rupee by using at least a part of foreign reserves and it is good move,” he added.

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