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Moody's concerned as Sri Lanka's crisis continues, rupee all time low

The ratings agency Moody's on Monday expressed concern over Sri Lanka pointing to the unfurling turmoil after the president sacked the prime minister on Friday and appointed the former president, Mahinda Rajapaksa. 

Stating the crisis was credit negative, Moody's warned the country may struggle to refinance external debt at an affordable rate early next year. 

The Sri Lankan rupee fell 0.58 percent today, to an all time low. 

“And at a time when global financial markets are turbulent, uncertainty about the direction of future policy could have a large and lasting negative impact on international investor confidence,” Moody's analyst Matthew Circosta said.
 

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