Sri Lanka will shortly opt for currency swap deals with China and India in order to boost country’s foreign currency reserves.
According to Finance Ministry sources, Sri Lanka would be receiving $ 1.5 billion from People’s Bank of China and $ 1 billion from India’s Reserve Bank.
The intention of entering into swap agreements is to maintain a sufficient short-term foreign exchange liquidity whilst preserving the foreign currency reserve position of the country.
Sri Lanka’s gross official reserves were estimated at $ 5,555.3 million as at 30th November 2020, latest Central Bank data showed. Foreign currency reserves were estimated at $ 5,101.1 million whilst the reserve position in the IMF was $ 68.4 million. Meanwhile, reserves in Gold were $ 382.7 million and other reserve assets were US$ 0.4 million.
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