Category: Forex
Time for home-grown solutions is over; Seek international support immediately: Harsha
The country is in complete disarray today. Fuel is rationed at pumps, daily power cuts across the island, shortage of dollars to import essentials including medicine, food is to be rationed next, a current Parliamentarian and former Minister said. “Collapse is imminent if we continue to go this way, it is almost similar to a […]
CSE enables local corporates to raise foreign currency denominated capital
The Colombo Stock Exchange (CSE) has enabled local entities incorporated or established in Sri Lanka to issue and list foreign currency denominated shares in the main market segment (Diri Savi and Main Boards) of the CSE. This new financing option for local companies is a result of the new strategic plan the CSE launched in […]
Central Bank launches National Remittance Mobile App
The Central Bank initiated a National Remittance Mobile Application branded as “Lanka Remit” providing Sri Lankans working abroad direct access to the existing remittance channels, as well as facilitate their ability to choose more convenient and cost-effective remittance channels to send money to Sri Lanka. Bank of Ceylon, People’s Bank, Sampath Bank, Hatton National Bank, […]
“Opposition calls on Govt for urgent dialogue with them,” MP Harsha
Opposition parliamentarians have urged President Gotabaya Rajapaksa to initiate a dialogue with them to better understand the current economic issues facing the nation and find solutions together. “We are all in this together,” Dr. Harsha De Silva, an opposition member of parliament said addressing a media briefing yesterday. “The Governor of the Central Bank reiterates […]
Sri Lanka will settle USD 1bn ISB maturing in July; no debt restructuring needed, says CBSL
The Government and the CBSL have already taken necessary measures to secure alternative forex inflows via a number of bilateral and multilateral funding arrangements to meet the upcoming debt obligations, including the US dollars 1 billion ISB maturing in July 2022, the Central Bank said. Releasing a statement, the bank said that with the realisation […]
Sri Lanka official reserves down to USD 2.36bn in January; Gold reserves down further
Sri Lanka’s official reserve assets were 2.4 billion US dollars (USD 2,361mn) by the end of January, down from 3.1 billion US dollars in December last year, the latest Central Bank data showed. By the end of January, the foreign currency reserves were 2,078 million dollars while the reserve position in the IMF was 67 […]
Opinion: Repay foreign debt or finance essential imports
By Chair of our Academic Programme and former Economic Adviser at the World Bank, Dr. Sarath Rajapatirana, and our Senior Research Fellow, and former Director of CBSL, Dr. Roshan Perera The available foreign reserves of the country can be used to either repay foreign creditors or to finance imports of essential goods and services required […]
Reduction of gold holdings part of reserve management, clarifies Central Bank
Sri Lanka’s Central Bank says that the changes in the composition of official reserves are in accordance with the current reserve management needs and priorities, considering all aspects of the reserve management requirements. Releasing a statement, the bank said that the share of gold holdings in the reserve may change from time to time, reflecting […]
Gold reserves down by 54-pct in December; USD 3.1bn reserves include Chinese swap: CBSL
Sri Lanka’s official reserve assets were 3.1 billion US dollars (USD 3,137.6 mn) by the end of December, up from 1.6 billion US dollars in November, the latest Central Bank data showed. Accordingly, the official reserves include the swap facility signed with the People’s Bank of China (PBoC) of RMB 10 billion (equivalent to approximately […]
Opinion: Government heavy-handedness to blame for our currency woes
By Vinuja Singharachchige: Much is being said nowadays about the pressures the Sri Lankan Rupee is facing, but it is important that we understand the mechanics and greater economic context. Currency crises have been common in our modern history with countries facing sudden devaluations to the point where we can predict the patterns. There was […]
Central Bank revises maximum interest rates on foreign currency deposits
The Monetary Board has issued an order on maximum interest rates to be paid in respect of foreign currency deposit products of licensed commercial banks and the National Savings Bank. Maximum interest rates on FCY deposits The maximum interest rates that shall be offered or paid by a licensed commercial bank and the National Savings […]
‘s official reserves position has reached around USD 3.1bn: Central Bank
Sri Lanka’s Central Bank says that with the receipt of recent inflows, the official reserves position has now reached around US dollars 3.1 billion, and is expected to remain at such level by end of 2021. Releasing a statement, the Central Bank said that the foreign currency inflows in connection with several other facilities that […]