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| Sunday, 25 July 2004 |
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Rupee will stabilize - Finance Minister Finance Minister Dr. Sarath Amunugama told Parliament last Thursday that the Central Bank has operated in the market to stabilize the exchange rate and the Government will try to contain to Rs. 101 or Rs. 102 to the Dollar. "There is over one billion US Dollars in the local banking system, we are trying to mop that up. We are trying through the Indian Line of Credit to steady our foreign exchange reserves," he said. He also said that the country's foreign currency reserves are at a very comfortable level. Total gross reserve were at US Dollars 3137 million, equivalent to 5.8 months of imports at he end of May 2004 while official reserves were at US Dollars 2329 milli9on, equivalent to 3.3 months imports. He alluded several reasons to the weakening of the Rupee such as the substantial increase in foreign exchange liability due to increased payments for crude oil and the temporary suspension of remittances to Sri Lanka by people who are awaiting to see whether the Rupee will slide further so that they could get a bigger Rupee balance in Sri Lanka. However, the Government will stabilize the Rupee, the Minister said. |
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