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Sri Lanka: Sri Lanka's Cabraal Says Flexible Exchange Rate Will Be Maintained

2013/03/19

Sri Lanka's central bank will maintain the flexible exchange rate for the rupee, Governor Ajith Nivard Cabraal said Wednesday.

The central bank intervention will be limited to reducing 'excessive' fluctuations and maintaining external reserves at desired levels, Cabraal said. With result from January 2, 2013, central bank chief said limits on forward market transactions will be relaxed.

Further, central bank chief said monetary policy will be conducted within a monetary targeting framework while the policy rate corridor will continue to guide short-term interest rates.

He added that medium-term macroeconomic framework has been prepared to bolster economic increase while giving priority to ensure inflation at mid-single digits over the next five years.

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