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Sri Lanka’s rupee, which became the world’s best performing currency this year amid hopes of an International Monetary Fund bailout, may resume declines and lose almost a fourth of its value against the dollar by end-2023, according to Fitch Solutions.
“We see the potential for disruptions in the IMF program,” Seah Wang Ting, country risk analyst at Fitch Solutions, said in an emailed response to questions. “Authorities have to remain committed to enacting tough reforms to stay on track with the IMF program. This might be politically challenging against the backdrop of a weakening economy and a local election likely on the horizon.”
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