[September 09, 2011] Sri Lanka: No change in forex despite IMF recommendations Tweet OLOMBO, Sep 09, 2011 (Xinhua via COMTEX) -- Disregarding International Monetary Fund (IMF) recommendations, the central bank of Sri Lanka said that they would not change currency exchange regulations in a statement issued on Friday. The statement noted that the central bank is of the view that its policy on exchange rate is appropriate in the circumstances and will continue to follow the same policy. "Going forward, it is evident that significant inflows of foreign exchange are forthcoming on account of investments in various projects including in the areas of tourism, ports, and telecommunications, manufacturing and assembling industries as well as to the debt and equity markets," the statement said. It remarked that remittances, foreign capital from commercial banks and inflows to the services account will lead to substantial increases in foreign exchange liquidity in the market, negating the need for a change in exchange regulations. "The central bank wishes to emphasise that the gross official reserves have reached the historically highest level of 8.1 billion U.S. dollars, substantially above the desired levels and sufficient to cover 5.8 months of imports." So far this year, the rupee has marginally appreciated against the U.S. dollar and has depreciated against other major currencies. [ Back To TMCnet.com's Homepage ]