Deputy Minister of Finance and Planning Dr. Anil Jayantha Fernando stated that it is misleading to portray the recent depreciation of the Sri Lankan rupee as an economic crisis.

Addressing the impact of the Middle East conflict on the Sri Lankan economy, the Minister said that the recent fluctuation in the value of the US dollar was primarily caused by rising fuel prices linked to the Middle East conflict and an increase in demand for foreign currency.

He stated that the dollar experienced a temporary fluctuation within a short period, resulting in an unnecessary increase in the exchange rate over the course of about a week. However, he noted that necessary interventions had been implemented to properly manage the situation.

The Deputy Minister further explained that Sri Lanka continues to receive the required inflow of foreign currency through exports, tourism earnings, and workers’ remittances. 

According to him, the recent exchange rate movement occurred due to normal supply and demand dynamics rather than any underlying economic crisis.

He also alleged that the opposition was presenting the issue inaccurately, and emphasized that the situation has now been brought under control.

The Deputy Finance Minister stated that the US Dollar exchange rate has already returned to the Rs. 330 range and noted that normal market operations are helping restore stability.

He also urged the public not to spread unnecessary information or create undue panic regarding the fluctuation in the exchange rate.