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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After the independence in 1948, Currency Board System in Sri Lanka was cancelled in terms of the recommendation made by John Exter and established the Central Bank of Sri Lanka with several fundamental objectives in relation to foreign and domestic value of Sri Lanka rupee. 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.
According to the Colombo US Embassy press release, this donation is to support the northern IDPs comes in addition to the flood relief assistance of $ 2.9 million (319 million Sri Lanka Rupees) given by the US Government earlier this year, which supported families in areas severely affected by the heavy rains such as Mannar, Trincomalee, Vavuniya, Anuradhapura and Polonnaruwa.
In the first stage which came into effect November 22, 2010 CBSL permitted foreigners to invest in Rupee denominated debentures issued by local companies, expedite approvals for companies to borrow from foreign sources, permitted foreign companies to open places of business in Sri Lanka, permitted foreigners on tour or business in Sri Lanka to open accounts in foreign currency, permitted opening of foreign currency accounts for gem and jewellary industry, permitted banking transactions in foreign currency and Sri Lanka rupees to foreign diplomatic missions, their staff and family members in Sri Lanka, and increase the advance payment for imports from US$ 10,000 to US$ 50,000.

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