Sri Lanka continues to face a significant decline in the value of the rupee against the US dollar, creating growing concerns over the country’s foreign exchange stability and overall economic recovery. Reports indicate that many overseas Sri Lankans have started reducing or delaying their money transfers in anticipation of a further increase in the dollar exchange rate in the coming weeks.
Amid these developments, Minister of Trade, Commerce, Food Security and Cooperative Development Wasantha Samarasinghe urged Sri Lankans living abroad not to hold back remittances while waiting for the dollar to appreciate further. He emphasized that the country urgently needs foreign currency inflows to strengthen the economy and stabilize the market. The minister also requested expatriate Sri Lankans to send their dollars to Sri Lanka without delay in order to support the nation during the current economic situation.
Government Assures Protection for Consumers
Further commenting on this matter Speaking to the media yesterday, the minister stated that certain groups and traders were attempting to exploit the prevailing market conditions in order to gain unfair profits at the expense of consumers. He stressed that the government was closely monitoring the situation and warned that strict legal action would be taken against anyone who attempted to exploit the public or create unnecessary instability during the current economic crisis.
Government Calls for Increased Foreign Currency Inflows
Minister Wasantha Samarasinghe said some individuals analyse the economic situation in a misleading manner and create unnecessary fear among the public. He stressed that people should not hold on to their dollars expecting prices to rise further in the coming days.
He also appealed to Sri Lankans living overseas to contribute through tourism-related income and foreign currency inflows. According to the minister, bringing more dollars into the country would help ease the pressure on the economy and stabilise the financial market.
Exporters Urged to Convert Dollar Earnings into Rupees
Minister Wasantha Samarasinghe also urged exporters to convert their dollar earnings into Sri Lankan rupees without delay. He pointed out that instead of holding foreign currency in reserve, exporters should convert those funds in a way that benefits the country’s economy.
Furthermore, the minister warned that if exporters continued to hold dollars without converting them into rupees, they too would eventually face the negative impacts of the current economic crisis.
