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Sri Lanka-China currency swap extended in December for 3 years
View(s):The Central Bank of Sri Lanka and the People’s Bank of China, in December 2024, renewed the Bilateral Currency Swap Agreement signed in 2021, for a period of another three years, under the terms and conditions stipulated in the original agreement.
The CNY 10 billion (approximately US$1.4 billion) currency swap facility reflects the financial cooperation between China and Sri Lanka, the Central Bank said in a statement on Friday. Central Bank of Sri Lanka Governor Dr Nandalal Weerasinghe and People’s Bank of China Governor Pan Gongsheng signed the agreement, it said. While the US$1.4 billion swap is routinely added to Sri Lanka’s foreign reserves, its usage is subject to terms and conditions of the agreement between the two parties.
Friday’s announcement of the December agreement between the two parties comes on the heels of President Anura Kumara Dissanayake’s 4-day trip to China which concluded on Friday.
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