Tag: foreign Reserves

CB expects foreign inflows from its domestic and foreign counterparts

25Dec

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Banking and Insurance, Economy, External Account, FX Market

CB expects foreign inflows from its domestic and foreign counterparts

The Central Bank (CB) says it's in negotiations with its domestic and foreign counterparts to boost the level of foreign exchange reserves are reaching an advanced stage. In a press release, the CB stressed that its official reserves remain unchanged at November levels of $5.6 billion. "The receipt of these expected inflows as well as the ongoing improvements in the domestic production economy leading to the expansion of foreign exchange earnings will facilitate the maintenance of exchange rate stability, while meeting Sri Lanka’s debt obligations on time, in the period ahead as well," it noted. According to the CB, Sri Lanka has nearly $6 billion worth of extreal debt servicing commitments over the next one year period.

SriLanka’s foreign Reserves falls to record low levels

8Dec

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Economy, External Account, FIscal Policy

SriLanka’s foreign Reserves falls to record low levels

Sri Lanka's gross foreign reserves fell to $5.54 billion, the lowest levels seen since April 2017. Amidst, COVID-19 infused crisis, the foreign exchange flows through exports and tourism declined to the country while the existing reserves were utilized for foreign debt settlements including a $1 billion ISB settlement in October. In November, the country's gross foreign reserve fell to 5.549 billion from $5.855 billion in October. The Previous lowest reserve level was recorded in April 2017 at $ 5.045 billion.