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Sri Lanka forex reserves grow to US$8.9bn in June

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  • Sri Lanka forex reserves grow to US$8.9bn in June

    Sri Lanka forex reserves grow to US$8.9bn in June

    Jul 11, 2019 17:22 PM GMT+0530 | 0 Comment(s)

    ECONOMYNEXT - Sri Lanka's forex reserves grew to 8.9 billion US dollars in June 2019 from 6.7 billion US dollars, in May a central bank official said.

    The reserves rose mainly due to a bond sale by the government, the central bank's head of economic research Y Indratne said.

    Sri Lanka's central bank stopped hemorrhaging reserves from January 2019 after monetary instability triggered by a liquidity shock in August 2018 ended.

    From October capital flight was worsened after a political crisis triggered uncertainty.
    Credit has contracted in the first five months of 2019, slowing economic activity and imports, allowing the central bank to buy dollars.

    The rupee has also appreciated amid weak credit. (Colombo/July11/2019)

  • #2
    Great. Our dream should be to maintain 10Bn USD
    "The best values today are often found in the stocks that were once hot and have since gone cold"

    Comment


    • #3
      Originally posted by SHARK View Post
      Great. Our dream should be to maintain 10Bn USD
      looks like CBSL is working on it
      Sri Lanka eying 10-year Samurai bond sale in 2019

      Jul 11, 2019 19:12 PM GMT+0530

      ECONOMYNEXT - Sri Lanka is eying a 10-year Samurai bond to raise funds for debt management, after parliament gave the go ahead to raise around 480 billion rupees outside the 2019 budget requirements, the Central Bank Governor Indrajith Coomaraswamy said.

      "We are going to Tokyo in a couple of weeks to explore the possibility of a Samurai bond," Governor Coomaraswamy told reporters.

      "It would not be wise to borrow less than 10-years (tenure)."

      He said Sri Lanka was 'agnostic' about the type of bond, and wanted to borrow at the lowest rate.

      Governor Coomaraswamy said a credit guarantee was also available from the Japan Bank for International Corporation for the Samurai bond.

      Though yen loans have low rates, Sri Lanka wants to swap the yen to dollars to guard against an appreciating Japanese currency.

      Sri Lanka had already gone to dollar sovereign bond markets twice in 2019. (Colombo/July12/2019)
      "The best values today are often found in the stocks that were once hot and have since gone cold"

      Comment

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