Sri Lankan currency falls sharply after central bank changes policy

Central Bank of Sri Lanka governor Ajith Nivard Cabraal

The Sri Lankan rupee is falling well past levels envisaged by the central bank when it devalued the currency, as the country’s economic crisis deepens.

The central bank devalued the currency on March 9. It said two days earlier it thought the exchange rate would reach “not more than 230 rupees per US dollar”. But the rupee rapidly fell below that level, and today (March 21), it traded at between 290 and 297 to the dollar.

For some time, reporters in Sri Lanka have said that unofficial exchange

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