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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Secondary Navigation Singapore Asia Pacific World Search Search: Sri Lanka to allow rupee 'greater flexibility' to boost exports AFP - Friday, October 31 COLOMBO (AFP) - - Sri Lanka's central bank said Thursday it would allow the rupee greater exchange rate "flexibility" to spur exports as the global financial crisis forces down the currencies of trade rivals. "The Central Bank of Sri Lanka has decided to allow the rupee exchange rate against the dollar to respond with greater flexibility when compared to the very stable level that was maintained," the bank said in a statement. "This move is particularly necessitated by the fact the currencies of some of Sri Lanka's major trading partners have since mid-September depreciated sharply against the US dollar, leading to some pressure on the competitiveness of Sri Lanka's exports," the statement said. Before the announcement, the Sri Lankan currency, which has been informally pegged to the US currency, was at 108 rupees to the dollar. No trades in the currency were reported after the decision but most analysts said they were eyeing a level of around 112 rupees to the dollar. "We've decided to allow the rupee to depreciate against major international currencies," the bank's economic research director Nissanka Weerasinghe told AFP, citing the need to protect the island's exports. "For instance, the Indian rupee -- our major trading partner -- has fallen about 12 percent against the US dollar over a one-year period ending August," he said. Weerasinghe declined to say what rupee level the bank considered suitable. Analysts had been urging the central bank to let the rupee find its own value to help exports. The island, which is gripped by a deadly ethnic civil war, has had a managed exchange rate system under which the bank intervened in the foreign exchange markets to defend the currency. Since September, the bank has spent 900 million dollars from the island's official reserves to support the rupee, according to official figures. The global financial crisis has prompted foreign buyers of Sri Lankan rupee-denominated government bonds to repatriate their investments, putting pressure on the local currency. In mid-2008, foreign bond holders held about 600 million dollars worth of Sri Lanka government rupee-denominated securities. The announcement came just three weeks after the central bank said it would keep protecting the rupee's value against the dollar. A fall in the rupee could fuel inflation that is running at around 24 percent, analysts said. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: China's Economy TOPWRAP 14-US economy contracts; Japan warns of "harsh storm"Reuters - 2 hours 16 minutes ago Commodities fall on recession concernsAP - 2 hours 57 minutes ago US economy shrinks, Japan unveils stimulusAFP - Friday, October 31 Aricom surges as Russia-China bridge deal signedReuters - Friday, October 31 Related Articles: Business Stocks up on GDP report in relatively calm sessionAP - 2 hours 7 minutes ago Newell Rubbermaid 3Q profit falls 68 percentAP - 2 hours 52 minutes ago Commodities fall on recession concernsAP - 2 hours 57 minutes ago US diabetes rate doubles over 10 yearsAP - Friday, October 31 Macau lifts Wynn Resorts Q3 profit 14 pctReuters - Friday, October 31 Enlarge Photo Sri Lanka to allow rupee 'greater flexibility' to boost exports Related Photos Slideshow Full Photo Coverage: Business & Economy Related Full Coverage China Economy china economy All Full Coverage Most Popular – Business Viewed When men see red, they see hot: study Asian stocks soar on US Fed rate cut McCain in defiance as Obama boosted by economic data World's fattest man weds friend's widow Desperate pleas end in despair as starlet's nephew found dead View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology

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