COLOMBO (NewsRadio); The price of a 50kg Urea fertiliser bag has been reduced by Rs. 7,500.
Minister of Agriculture Mahinda Amaraweera said private fertiliser companies have reduced the price of a 50kg Urea fertiliser bag from Rs. 18,500 to Rs. 11,000.
The development comes at a time; the Sri Lankan Rupee has been appreciating steadily against the US Dollar.
The government secured the bailout package from the International Monetary Fund on Monday.
The Sri Lankan Rupee continues to appreciate against the US Dollar in the past few days.
According to the exchange rates issued by the Central Bank of Sri Lanka this morning, the buying rate of the US dollar has come down to Rs.311.26 while the selling rate is at Rs.328.60.
The middle exchange rate announced by the Central Bank is Rs.317.31 while it was as high as Rs.362.66 on the 24th of February.
According to brokers and experts, the Rupee is appreciating with the increase in confidence among investors due to the progress made by the government with the International Monetary Fund and also the increase in workers’ remittances.