The International Monetary Fund Jan. 24 welcomed Sri Lanka's free float of the local currency, saying the exchange rate could now be determined more freely by market forces. "The new exchange rate arrangement is in keeping with the broader reform agenda of Sri Lanka to develop a more open, market-based economy," a statement from the IMF said.
In a surprise move, the Sri Lankan central bank Jan. 23 said it won't set a trading band for the rupee, allowing the currency to free float. The move was
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