In a post on X, State Minister Semasinghe announced that Sri Lanka’s gross official reserves have experienced a notable increase, reaching USD 5.5 billion by the end of April 2024.
He further noted that the Sri Lankan rupee has appreciated by approximately 8% against the US dollar in 2024. This appreciation, according to the State Minister, will bolster investor confidence and strengthen Sri Lanka’s ability to manage external shocks, meet international obligations, and enhance overall economic confidence.
Semasinghe emphasized that the rupee’s appreciation can contribute to lowering inflation and reducing the overall cost of living. Additionally, it can facilitate the government and businesses in servicing foreign debt, thus enhancing Sri Lanka’s financial reputation globally.
