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| Thursday, 18 December 2003 |
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Central Bank purchases USD 362 million: Increased foreign exchange inflows in last ten months The Central Bank purchasd US $ 362.7 million from the market during the first ten months of the year. This was the result of increased foreign exchange inflows, due to growth in tourism, port services, private transfers and capital account flows increased foreign exchange liquidity, according to Economic data update of the Central Bank this week. The trade deficit increased by US $ 22 million above the deficit in the first ten months of 2002 which stood at US $ 1,140 million. Meanwhile, export earnings up to October 2003 stood at USD 4,230 million compared with USD 3,825 million during the corresponding period in 2002. Expenditure on imports stood at USD 5,370 million up to October 2003, was an increase of 9 per cent over the imports of USD 4,944 million in the first ten months 2002. The report said that the rupee, which remained fairly stable against the US dollar in the first half of 2003,appreciated gradually from early June and stabilised by end October. In November, it appreciated slightly by 0.2 per cent against the dollar, in contrast to a nominal depreciation of 3.7 per cent in 2002 and 11.3 per cent in 2001. However, the continued weakening of the US dollar has contributed to the depreciation of the rupee against other major international currencies. The continuing decline in domestic inflation and the depreciation against the other currencies have resulted in a depreciation of the 24 currency real effective exchange rate by 6.08 per cent for 2003 November. This resulted an improvement in external competitiveness. In October this year compared with US$ 408 million in October last year showing a cumulative growth of 11 per cent up to October. Rupee export earnings in October 2003 increased by 11 per cent in January -October amounting to US dollars 428 million, compared with US dollars 408 million in October 2002. |
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