Sri Lanka has settled its currency swap facility with the Reserve Bank of India (RBI) as scheduled, the Central Bank of Sri Lanka (CBSL) announced on 05 Feb 2021.
The Reserve Bank of India in July 2020 signed necessary documents for extending a US$ 400 million currency swap facility to the Central Bank of Sri Lanka till November 2022.
Further, last year Sri Lanka appealed to India to extend $ 1.1 billion in urgent financing support to ease pressures related to foreign currency reserves — seen as a fallout of the current pandemic devastating the tourism industry in the country. President Gotabaya Rajapaksa put forth the request during a telephone conversation with Indian Prime Minister Narendra Modi.
The SAARC currency swap facility came into operation on November 15, 2012. Under the Facility, Reserve Bank of India offers swaps of varying sizes in US Dollars, Euro or Indian Rupee to each SAARC member country.
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