UNP takes rupee float to court
[31 Jan 2001]

The main opposition, United National Party, yesterday filed an application for a Writ of Certiorari seeking to invoke the jurisdiction  of the Court of Appeal to quash the decision of the Monetary Board of Sri Lanka, to float the Sri Lankan Rupee.

The petition requested the Court of Appeal, to compel the Goverenor to act according to Section 76A of the Monetary Act, which accepted the concept of the managed float system, and to quash the decision made on January 23.

However the Central Bank officials said that they have taken this decision under the provisions of the Monetary Law Act. And it is expected that the value of the Sri Lankan rupee will stabilize within the next few months.

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