Sri Lanka has sufficient stocks of the U.S. dollar to prevent the dollar from rising further and keep Sri Lankan rupee stable.
The Minister of Finance Ranjith Siyambalapitiya made the disclosure.
Siyambalapitiya said that if the value of the U.S. dollar would rise significantly, the Central Bank of Sri Lanka would have sufficient stocks to control it.
The value of the U.S. dollar is rising rapidly due to several foreign banks operating in Sri Lanka which are buying U.S. dollars from the financial market and the Central Bank of Sri Lanka.
The official said the central bank bought around 1.62 billion U.S. dollars in the first four months of this year and there was no need for the central bank or other foreign financial institutions to buy dollars at this time.
The dollars were purchased to strengthen the export market, and there were sufficient stocks in the country, the state minister said.
Sri Lanka’s foreign reserves now stands at 5.5 billion dollars, according to Siyambalapitiya. (Xinhua/NAN)
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