The Government devalued the Sri Lankan Rupee further last week by 2.54 percent to help the export sector of the country as a result the trade balance this year is expected to improve from a deficit of US$ 1832m to US$1514m and exports are projected to rise by 10 percent, the Central Bank of Sri Lanka said.
The overall balance of payments deficit would be reduced by more than half from US$516m last year to US$228m, according to the latest CBSL estimates.
This significant improvement in the external payments is expected to help country’s economic growth target of about 5 to 6 percent this year and also help to stabilise monetary and exchange rate policies.
Foreign Direct Investments are expected to improve up to US$474m against US$202m last year and long term capital inflow to the Government is also expected to rise from US$485m to US$560m.
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