The new ‘reference’ foreign exchange rate of $1=IR24,775 took effect from 2 July. This supercedes the previous rate of $1=IR12,260 – in use since January 2012. But whilst the old, heavily subsidized, official rate was only available to importers of essential foodstuffs and medicines, the new rate will be more widely available, with the CBI offering dollars to importers at the new fixed rate.
The official devaluation brings the official reference rate close to the more widely used ‘transaction rate’ – the rate previously paid by importers for the purchase of most categories of imports and foreign trade transactions (MEES, 5 April). (CONTINUED - 492 WORDS)
