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Exchange Rate and Market Indicators
Comparative view of currency market rates and indices
Primary Sources
Current Rupee depreciation driven by global factors, unlike in 2022 ...
Central Bank Governor Dr. Nandalal Weerasinghe says the present depreciation of the Sri Lankan Rupee is fundamentally different from the sharp fall in 2022, as this time, it is driven by global conditions rather than domestic mismanagement. He noted that in March–April 2022, the rupee depreciated up to Rs. 370 purely due to internal factors, while other regional currencies remained stable. “That was a completely internal event. There was no external shock at that time. Other currencies did not depreciate that much. This was specific to the Sri Lankan currency, which depreciated at a fast rate,” he said. By contrast, the current depreciation is occurring alongside similar declines in regional currencies, with the US dollar strengthening amid global uncertainty. “Media reports say the Indian Rupee is at the lowest level in its history, despite $700 billion reserves in the RBI,” he pointed out, as an example. Dr. Weerasinghe explained that under the flexible inflation targeting regime, the exchange rate is determined by market demand and supply, in line with macro fundamentals. The Central Bank intervenes only to minimize volatility and build reserves, he said. “Relative depreciation of our currency to regional currencies is on a compatible basis. Whereas in 2022, we depreciated by 45% while others appreciated,” he said. The Governor emphasized that the framework remains unchanged, with the Central Bank allowing the market to settle the currency while smoothing fluctuations when necessary. The CBSL Governor made these remarks while addressing the media briefing at the Central Bank today (13). (Newswire) 2026-05-13
Sri Lanka's economy grew by 5 % in 2024: Central Bank
News Above: [Dr. P Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka presenting the Annual Economic Review 2024 to President Anura Kumara Dissanayake. Dr. N S Kumanayake, Secretary to the President; K.M.M. Siriwardana, Secretary to the Treasury; Ms. K.M.A.N. Daulagala, Senior Deputy Governor; Dr. C. Amarasekara, Assistant Governor; Dr. (Ms.) S. Jegajeevan, Director of Economic Research; Dr. L.R.C. Pathberiya and Dr. V.D. Wickramarachchi, Additional Directors of Economic Research were also present. Sri Lanka’s economy (GDP) grew by 5 per cent last year compared to a negative growth of -2.3 per cent in 2023, rounding up a strong economic recovery propelled by the IMF bailout package. The Central Bank, according to its annual review of 2024 – a publication which was handed over to President Anura Kumara Dissanayake on Monday as per the rules-, said the trade deficit (export and services income against import spending) rose to –US$6 billion in 2024, up from -$5 billion in 2023 while the US dollar weakened against the rupee to Rs.282.58 versus Rs.323.92 in 2023. The report said “The Sri Lankan economy continued to recover steadily in 2024, following its deepest economic downturn experienced two years ago. The road to recovery was difficult, but notably faster compared to most debt-distressed countries.” “Post-crisis reforms have started showing positive outcomes. Signs of improved economic activity, partial recovery in purchasing power, and reduced uncertainty are visible. Election-related uncertainties dissipated towards the latter part of 2024 as signs of the continuation of the reform programme and policy consistency were evident. This, along with the near-completion of external debt restructuring and the country’s exit from restricted default rating, has enhanced investor and stakeholder confidence.” “In terms of economic growth, Sri Lanka performed better than expected in 2024. Inflation eased and the country entered a period of deflation since September 2024 driven largely by energy price reductions. This resulted in a deviation of inflation from the target on the downside. Supported by low interest rates, credit to households and businesses expanded in 2024. Eased monetary conditions contributed to a faster recovery in domestic economic activity, partly regaining lost output during the pandemic and the economic crisis. Meanwhile, external sector performance remained strong during the year. A notable improvement in external buffers w...
Weaker rupee trend becomes factor in stock market volatility
The Central Bank merely carried out the controversial USD 2.5 million sovereign debt payment in accordance with instructions issued by the government, Central Bank Governor Dr. Nandalal Weerasinghe said yesterday, emphasising that the institution acted solely in its capacity as banker to the state.
'I want to make it very clear. CBSL does not promote economic growth ...
Central Bank of Sri Lanka (CBSL) Governor Dr. Nandalal Weerasinghe yesterday rejected the notion that the CBSL's role was to directly drive economic growth, productivity gains, or foreign direct investment (FDI), arguing instead that its mandate was confined to preserving monetary and financial stability. ..
