Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* India's Reserve Bank agrees to provide USD 400 mn SWAP to Sri Lanka Central Bank to boost to reserves
Wed, Jan 9, 2019, 07:31 pm SL Time, ColomboPage News Desk, Sri Lanka.

Jan 09, Colombo: Sri Lanka's Central Bank on Wednesday said that the Reserve Bank of India (RBI) has agreed to provide US$ 400 million under its SAARC swap facility to boost the country's reserves.

"The RBI's very rapid and timely assistance will serve to boost investor confidence by supporting Sri Lanka to maintain an adequate level of external reserves while accommodating outflows related to imports, debt servicing and, if necessary, support for the currency to avoid disorderly adjustment," the Central Bank said in a statement.

Sri Lanka Central Bank has also requested a further bilateral SWAP arrangement of USD 1 billion between the RBI and CBSL which is under consideration.

The CBSL acknowledged the very active role played by the Government of India, the Sri Lankan High Commission, in Delhi, and the Indian High Commission, in Colombo, in facilitating these arrangements.

With the end of the delays related to the political developments in the country, the Government of Sri Lanka and the CBSL have also already revived action to: (1) issue international sovereign bonds; (ii) obtain term loans; and (iii) negotiate credit lines through the State banks on behalf of the government. It is expected that these operations will be completed in 1Q 2019.

Following the political crisis set off by the President in October last year, the big three credit rating agencies - Fitch Ratings, Standard & Poor's (S&P) and Moody's - downgraded Sri Lanka's sovereign rating making it hard for the Central Bank to obtain loans.

The Central Bank said in addition, Mangala Samaraweera, Minister of Finance and Mass Media will be visiting Washington from 14 - 16 January 2019 to resume negotiations with the IMF on the Extended Fund Facility.

 

ColomboPage - Recent 10 Stories ::
Police arrest 12 persons attempting to illegally migrate via sea
-- [6 hours ago]
JVP to announce 'Candidate of people's anticipation' today
-- [8 hours ago]
Fitch Affirms Sri Lanka's Co-Operative Insurance at 'BBB+(lka)'; Outlook Stable
-- [8 hours ago]
Investigation into dumping 890 metric tons of potatoes during the 52-day unconstitutional government
-- [8 hours ago]
Massive development of the Northern Province in the last three years
-- [9 hours ago]
Sri Lanka to rehabilitate mangrove lands used for aquaculture and salterns
-- [9 hours ago]
CID seeks public support to apprehend a suspect
Construction of Sri Lanka Korea National Vocational Training Institute completed
PM says young people should be given priority to change the political system
Will not allow the country's economy to collapse, PM vows

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.