Sri Lankan Rupee hits Rs. 260 against US dollar
Posted in Local News
The selling rate of the US dollar at the daily exchange rate of several banks in Sri Lanka is reported as Rs. 260.
Accordingly, some leading commercial banks in Sri Lanka have today declared their selling rate for the US Dollar as Rs. 260 and the buying rate as around Rs. 250 per US Dollar, in the wake of the central bank’s decision to float the currency.
On March 07, the Central Bank of Sri Lanka (CBSL) announced that greater flexibility has been allowed in the exchange rate with immediate effect.
Before March 07, CBSL maintained the selling rate of the US dollar at Rs. 202.99.
But through informal methods such as Undial and Hawala, the dollar was exchanged for much higher values.
By next week, it will be Rs 300.
Citizens, the cost of living will sky rocket under Saubhagye Dekma and soon, you will need a wheelbarrow to carry the cash to buy groceries.
The Economic Committee appointed by the strongman (including 3 members of the family and leading cohorts) is supposed to meet weekly to manage the economic crisis.
Do they have a clue?