Sri Lanka stocks, rupee fall; budget, IMF talks outcome awaited
Reuters | Tue, Feb 26, 2019
COLOMBO, Feb 25 (Reuters) - ** Sri Lankan shares and the rupee closed weaker on Monday, with investors awaiting cues from next week’s budget and the outcome of talks between government authorities and the IMF, market source said. ** The rupee ended at 179.70/80 per dollar, compared with Friday’s close of 179.40/80. ** Finance Minister Mangala Samaraweera will present the 2019 budget on March 5. Government authorities are in discussion with the IMF to continue a $1.5 billion loan which was delayed after a political crisis unfolded in October. ** Traders and investors are waiting to see how the market would react to the central bank’s surprise announcement on Friday of reducing commercial banks’ statutory reserve ratio (SRR) by 100 basis points after the effective date March 1, the sources said.