ගොබ්බ ජෙප්පො ආපහු ලිඳේ Sri Lanka EPF gets US$1.85bn in value back as central bank strengthens rupee

monson

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  • May 7, 2007
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    සේවක අර්ථසාධක අරමුදල් වටිනාකම අැ. ඩොලර් බිලියන 1.85කින් වැඩිවේ. ඊට හේතුව රුපියලේ වටිනාකම ඩොලරයට සාපෙක්ෂව ඉහළ යාමය

    ECONOMYNEXT – Sri Lanka’s central bank has restored about 1.85 billion US dollars’ worth of lost value to the Employees Provident Fund in a currency collapse, as it appreciated the rupee from March 2022, an analysis of data shows.

    Sri Lanka’s central bank engineered a balance of payments surplus from around September 2022, with deflationary monetary policy, and ended a surrender rule in March 2023, allowing the currency to appreciate.

    The end-2022 value of the EPF fund which was 3,459 billion rupees (with interest earnings and net contributions) up from 3,166 billion in 2021.

    As a result of the rupee collapsing from 200 to 363 after money printing and flawed exchange rate policy (a surrender rule with an attempted float) the dollar value of the fund fell to 9.53 billion US dollar equivalent by end 2022, from 15.80 billion in the previous year, despite the earnings and net contributions.

    In March 2023, the surrender rule was lifted amid deflationary policy, allowing the exchange rate to appreciate.

    - https://economynext.com/sri-lanka-e...ack-as-central-bank-strengthens-rupee-156351/

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