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| Thursday, 17 June 2004 |
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Lanka's exports up 14% in Q 1, 2004 by Shirajiv Sirimane Sri Lankan exports have increased by 14 percent in the first quarter of this year and this is mainly due to sound economic management of the country, said the Assistant Governor of the Central Bank Dr. A. G. Karunasena. He said that the projected economic growth for this year would be around 6 percent. After President Chandrika Bandaranaike Kumaratunga's announcement on the government's economic policy there was stability in the economy and this increased confidence. "This is certainly having a positive impact on the economy," he said. The Monetary Board has reviewed these current and projected economic developments and has decided that there is no need for a change in the Central Bank's policy on interest rates at present. "There was a slight depreciation in the Rupee but this was only a temporary setback. The rupee will be strong again," he said. The Deputy Governor also said that there is no connection between the US dollar and crude oil prices. With the increased economic growth especially in USA, China and Japan the demand for crude oil increased. In addition the supply did not increase specially from countries such as Iran and Venezuela. The Oil Producing and Export Countries (OPEC) had met and have decided to increase production. He said that oil prices in the world market have already come down by around two or three US dollars and it would reduce further within the next five months. |
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