Sri Lankan Rupee

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Sri Lankan Rupee

The currency of Sri Lanka. The rupee was instituted as the sole currency in 1869; it separated from the Indian rupee following Sri Lanka's independence from the United Kingdom.
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Although this authoritative changes have not been effective for radical changes in linkages of Sri Lanka rupee with British Sterling Pound as the major export companies of Sri Lanka were listed in London Stock Exchange and the price of export commodities were tagged in British pound.
While Sri Lanka rupee had been linked with British pound sterling its foreign value remained in a stable condition until the official depreciation of British sterling pound in 1967, which action was subject to over valuing of Sri Lanka currency at the foreign exchange market creating possible disadvantages to export economy.
The policy action to officially depreciate Sri Lanka rupee by 20% in 1967 was a right action for securing export market.
When Sri Lanka's economy was opened to the world in 1978, Sri Lanka rupee hasn't had a strength for facing domestic and international economic trends and pressure and terrorist war situation since early 1980s to 2008, the foreign value of Sri Lanka rupee dramatically eroded despite the positive objectives of the Central Bank to establish the domestic and foreign value of Sri Lanka rupee, which currently values one USD equal to114 rupees.
The current low foreign value of Sri Lanka rupee is quite hindrance to maintain macroeconomic stability in the country achieving sustainable economic growth.

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