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IMF meets the President 
[25 Jan 2001]

The International Monetary Fund yesterday welcomed the Central Bank of Sri Lanka's move to allow the exchange rate to be determined more freely by the market.  The International Monetary Fund team leader Jeremy Carter, the IMF Deputy Chief of Asia Pacific Department met the President with a team, yesterday in Colombo as a part of the Fund's annual consultation exercise.  The meeting with President Chandrika Bandaranaike Kumaratunge was made while the country is yet to fully recover from the shock of "rupee float". 

The President and the team discussed the present economic situation and the challenges and immediate remedies for the same.  The IMF office in Colombo stated in a press release "The new exchange rate is in keeping with the broader reform agenda of Sri Lanka to develop a more open, market based economy."  The free float will permit freer transaction in the market and will stabilise the value of the rupee.

This free float is expected to harmonise the monetary policy and the exchange rate policy to help to ease the currently high interest rates in the market, which will enable to promote investment and long term economic growth. 

The IMF team arrived in Colombo last week and met several Ministers, Officials, private sector and other stockholders.     




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