Sri Lanka will exchange currency with China under a 10 billion yuan (about $1.5 billion) agreement aimed at promoting trade and investment between the two countries, the island nation’s central bank said Monday 22 March 2021.
So-called currency swaps allow central banks to ensure banks in their countries can borrow ready cash in any of the currencies involved.
China remains Sri Lanka’s largest source of imports. In 2020, imports from China amounted to US $3.6 billion, or just over 22% of Sri Lanka’s imports.
The agreement — signed between the Central Bank of Sri Lanka and the People’s Bank of China — is valid for three years.
No comments:
Post a Comment