Sri Lankan economy stabilized with currency appreciated against USD: minister

People are seen near the sea in Colombo, capital of Sri Lanka, March 29, 2024. (Xinhua/Xu Qin)

COLOMBO, April 28 (Xinhua) -- Sri Lankan State Minister of Finance Shehan Semasinghe said on Saturday the country's economy stabilized with the local currency appreciating from 360 in 2022 to 300 against one U.S. dollar at the moment.

The growth is now emerging, the minister said on social media.

Exchange rates in Sri Lanka is market-determined, which allows currency values to adjust according to supply and demand dynamics in the foreign exchange market, he said.

Strengthening Sri Lankan Rupee will help increase purchasing power, reduce inflationary pressures, contribute to price stability and stability in the financial system, and importantly, reduce the burden of debt servicing, he said.■