Sri Lanka Central Bank receives $1.1 bn from RBI

image

Sri Lanka Central Bank received 1.1 billion dollars from the Reserve Bank of India, under the currency swap agreement between the two reserve banks.

Consequent to the signing of a special currency swap agreement for USD 1.1 billion by the Central Bank of Sri Lanka (CBSL) with the Reserve Bank of India on 17 July 2015, the CBSL has received USD 1.1 billion, a statement said.

This is in addition to the USD 400 million received in April 2015, the bank added.

With the enhanced level of official reserves, the CBSL expects that the exchange rate would stabilise in line with sound macro economic fundamentals and movements of other currencies of major trading partners.

In a related development, the central bank has allowed the rupee to float from today, by not quoting a specific rate in the market. The rupee exchange rate had eased to 134.75 rupees to the US dollar yesterday.

The central bank will allow the market to decide the exchange rate by not guiding with a specific rate. The bank will intervene, if the levels are too high.

Analysts say the rupee had fallen 2.7 per cent so far this year, due to increased imports.

PTI

Advertisements

About lankapage

We are an online publication (Educational Purpose Blog) made up largely of what we call “disintermediated” news – that is news without a spin put on it by a journalist, published as it’s delivered to Lankapage. All copyrights belong to their respective owners. Images and text owned by other copyright holders are used here under the guidelines of the Fair Use provisions of United States Copyright Law. Images and text are used here only for the education purpose and are not intended to generate income for the blog, its employees, or its students. That makes us unique. All content is delivered to you as the writer or producer intended — leaving only you to make judgments about what you read or watch, not us.

Posted on September 4, 2015, in Sri Lanka. Bookmark the permalink. Comments Off on Sri Lanka Central Bank receives $1.1 bn from RBI.

Comments are closed.

%d bloggers like this: