Decline in Sri Lanka Rupee's External Competitiveness
According to the Central Bank of Sri Lanka following the 10.7 per cent appreciation in 2024, the Sri Lanka rupee depreciated by 1.7 per cent against the US dollar during January 2025.
Meanwhile, reflecting cross-currency movements, the Sri Lanka rupee depreciated against other major currencies in January 2025.
In line with the nominal appreciation of the Sri Lanka rupee during the year 2024, the real effective exchange rate against the basket of 24 currencies (REER 24) also appreciated.
Accordingly, REER 24 index (2017=100)increased from 70.2 at end 2023 to 76.7 at end 2024, reflecting a reduction in external competitiveness during the period.
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