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Tuesday, January 03, 2012 - 6.21 GMT

Currency devaluation not contemplated for 2012 CB Governor


The Central Bank is not contemplating a fresh move to devalue its rupee currency for this year, Governor Ajith Nivard Cabraal said on Monday, contrary to market speculation due to a looming balance of payment crisis.

"We are not contemplating any depreciation move for this year." Governor told Reuters, denying a local media report published on Monday.

On Nov. 21, President Mahinda Rajapaksa announced a 3 percent currency devaluation in 2012 budget presentation in his capacity as the finance minister, aimed at making the country's exports competitive.






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Last modified: January 03, 2012.

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