Sri Lanka’s gross official reserves have reached an estimated $2,180 million as at July 31, up sharply by 71% from the foreign reserve levels of $1,272 million as of March 31, and more than the level envisaged under the pact with the International Monetary Fund (IMF), the Central Bank said.
The increase is mainly due to the receipt of the first tranche of the IMF Standby Facility and the significant absorption of foreign exchange from the domestic market during the past four months. “ On this basis, the current level of estimated reserves is well above the level expected by end September 2009 under the Standby Arrangement with the IMF,” the Bank said in a statement.
The Bank said it also expects foreign reserves to increase further in the coming months with continued receipts of foreign exchange from foreign investors and the Sri Lanka Diaspora, particularly due to the enhanced confidence based on the improved political stability, and the widening investment opportunities in the country. |
E-mail