Usable forex reserves slide to $50 m from $103 m
Sri Lanka’s usable foreign exchange reserves have slipped to US$50 million at present which is barely sufficient for one month of imports, from $103 million at the beginning of April this year, Finance Ministry data indicated.
Forex reserves remained at $1.9 billion in April 2022, Finance Minister Ali Sabry told parliament this week adding however that usable foreign exchange reserves or liquid reserves have crashed to $50 million.
Foreign exchange reserves of $1.9 billion at the Central Bank in March included the Chinese swap facility money of 10 billion Chinese yuan, equivalent to $1.57 billion, which cannot be freely used. At this stage usable foreign exchange reserves were amounting to $330 million (1.9-1.57 billion =0.33 billion). In April, usable foreign exchange reserve was $103 million but after making an emergency payment of $53 million it has come down to $50 million, Ministry provisional data shows.
According to Central Bank sources, foreign exchange reserves are made up of US dollars, British sterling pound (GPB), the euro (EUR), the Chinese yuan (CNY) and the Japanese yen (JPY).
Foreign exchange reserves are assets denominated in a foreign currency that are held by a Central Bank and these may include foreign currencies, bonds, treasury bills, and other government securities.
Hitad.lk has you covered with quality used or brand new cars for sale that are budget friendly yet reliable! Now is the time to sell your old ride for something more attractive to today's modern automotive market demands. Browse through our selection of affordable options now on Hitad.lk before deciding on what will work best for you!