US$ reaches above Rs 350 for first time in Sri Lanka amid economic crisis

Sri Lanka
By Editor_1
0

COLOMBO – Sri Lanka’s local banks said on Wednesday (27) one US dollar reached over 350 Sri Lankan rupees for the first time, as the nation faces a severe economic crisis with the shortage of foreign exchange.

Local media reports quoting some local banks said the selling rate of one US dollar reached Rs 350.49, while some banks were selling at Rs 360.

Economists said this was the first time in Sri Lankan history that the US dollar hit the 350 mark against the rupee after the dollar had been rising amid the economic uncertainty in the country.

Sri Lanka is facing one of its worst economic crises in recent decades with a shortage of foreign exchange, which has led to a shortage of fuel and power cuts.

The government has sought the assistance of friendly countries, the World Bank and the International Monetary Fund for economic assistance.

The World Bank has agreed to provide Sri Lanka with US$ 600 million in financial assistance to address the ongoing economic crisis in the country, the Sri Lankan President’s Media Division said Tuesday.

– Xinhua

 

Editor_1
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