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Monday September 25th, 2023

Sri Lanka central bank to announce dollar/rupee trading band

ECONOMYNEXT – Sri Lanka’s central bank will announce a daily trading band for the rupee dollar exchange rate to prevent high off market premiums being charged from importers by exporters and stabilize volatility, Central Bank Governor Nandalal Weerasinghe said.

“The band will be based on the previous day’s price and a plus or minus margin,” Governor Weerasinghe told reporters in Colombo.

Exporters were asking banks to sell part of the dollars to third parties at higher prices, which is against regulations, he said.

Dollars were being used for non-essential imports like refrigerators with exporters instructing banks to sell dollars to third parties, he said.

The trading band will help establish a more transparent price for exporters and importers. (Colombo/May10/2022)

Comments (2)

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  1. M.Rajendram says:

    We appreciate central bank governor’s intelligent approach to solve our country’s dillemma ,so please give him freedom and and follow his relevant advice.

  2. Sulaiman says:

    What would be your time line to leave and have started seeing the silver lining after the new PM’s appointment?

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Your email address will not be published. Required fields are marked *

  1. M.Rajendram says:

    We appreciate central bank governor’s intelligent approach to solve our country’s dillemma ,so please give him freedom and and follow his relevant advice.

  2. Sulaiman says:

    What would be your time line to leave and have started seeing the silver lining after the new PM’s appointment?

Sri Lanka sells 2028 bonds at 14.52-pct

ECONOMYNEXT – Sri Lanka sold all offered bonds in 2026 and 2028 maturities raising 220 billion rupees from an auction Monday, data from the state debt office showed.

The debt office sold 135 billion rupees of 1 June 2026 bonds to yield 15.64 percent.

Another 85 billion rupees in 01 July 2028 bonds were sold to yield 14.52 percent.

The 2028 bond is offered on tap at the weighted average yield. (Colombo/Sept25/2023)

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Sri Lanka’s stocks end down on Monday after slow day of trading

ECONOMYNEXT – Sri Lanka shares were down at close of trading on Monday.

Turnover was 550 million rupees.

The main All Share Price Index was down 0.36 percent or 40.02 points to 11,216.50, while the S&P SL20 was down 0.44 percent or 14.07 points to 3,164.52.

Trading in the Capital Goods Industry (174,037,134) drove turnover.

Commercial Bank, Expolanka Holdings, and Aitken Spence plc saw losses, while National Development Bank, John Keells Holdings and Melstacorp saw gains in the day’s trading.

The market saw a net foreign inflow of 13 million rupees, while the yearly net foreign inflow was 429 million rupees. (Colombo/Sep25/2023)

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Sri Lanka rupee closes at 324.75/324.90 to the US dollar

ECONOMYNEXT – Sri Lanka’s rupee closed at 324.75/90 to the US dollar on Monday, from Friday’s close at 324.70/325.00 dealers said.

Bond yields were up.

A bond maturing on 01.07.2025 closed up at 15.55/15.70 percent on Monday, after closing at 14.95/15.30 percent on Friday.

A bond maturing on 01.08.2026 closed up at 15.50/15.65 percent up from 14.95/15.10 percent.

A bond maturing on 15.09.2027 closed up at 14.75/15.50 percent from 14.55/15.00 percent.

A bond maturing on 01.05.2028 closed up at 14.25/14.60 from 14.00/14.30 percent.

A bond maturing on 15.05.2030 closed stable at 13.00/13.50.

A bond maturing on 01.07.2032 closed at 12.95/13.45 percent from 13.00/13.45 percent. (Colombo/Sept25/2023)

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