Cabraal says Sri Lankan rupee devaluation aims to improve macro stability

Central Bank Governor Ajith Nivard Cabraal said on Friday that measures to devalue the Sri Lankan rupee were aimed at improving macroeconomic stability as Sri Lanka struggles with its worst financial crisis in years.

The central bank introduced a flexible exchange rate framework earlier this week, depreciating the rupee by 30% to 260 against the dollar on Thursday.