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The rupee was now ‘heavily undervalued’ based on fundamentals - Central Bank Governor Nandalal Weerasinghe

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K.R

K.R
Manager - Equity Analytics
Manager - Equity Analytics

ECONOMYNEXT – Sri Lanka will widen a foreign exchange trading band gradually once inflows improve, and the rupee is heavily undervalued, Central Bank Governor Nandalal Weerasinghe said.
Sri Lanka is currently operating trading band at around 363.00 rupees with a variation margin of 2.60 rupees on either side.
“We will be gradually relaxing the band, once we start getting inflows,” Governor Weerasinghe told an investor forum organized by CT CLSA Securities, a Colombo-based brokerage.
The rupee was now ‘heavily undervalued’ based on fundamentals, he said.

In September the real effective exchange rate index was 81.3, far below 100. 
However the REER index was 91.5 in February shortly before the rupee collapsed in March in a failed attempt to float it with a surrender rule intact.

K.R

K.R
Manager - Equity Analytics
Manager - Equity Analytics

Growth in printed money slumps to Rs.47bn this year from Rs.341bn in 2021
Money in circulation has also come down sharply to Rs.21bn in 2022 over Rs.170bn in 2021

https://www.dailymirror.lk/business/Growth-in-printed-money-slumps-to-Rs-47bn-this-year-from-Rs-341bn-in-2021/215-249579

K.R

K.R
Manager - Equity Analytics
Manager - Equity Analytics

Sri Lanka’s 12-month inflation in the capital Colombo fell to 61 percent in November 2022 from 66 percent in October as price stabilized after interest rates were allowed to go up and the exchange rate was pegged around 360 to the US dollar.

https://economynext.com/sri-lankas-inflation-eases-to-61-pct-in-november-104684/

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