Raising Dollars

From left: Dr. Fernando Im, Senior Country Economist for Sri Lanka and the Maldives, The World Bank, Hon. Eran Wickramaratne, State Minister, Ministry of Finance and Mass Media, Dr. W A Wijewardana, Former Deputy Governor of the Central Bank of Sri Lanka, Prof. Indralal de Silva, Former (Chair) of Demography, University of Colombo, Prof. Amala de Silva, Department of Economics, University of Colombo at the panel discussion on "Demographic Change in Sri Lanka" moderated by Dr. Ramani Gunatilaka, International Centre for Ethnic Studies.

Around ten parties answered Central Banks call to raise up to US$ 350 million in medium term funds in the overseas market.rnrn
Central Bank officials say they would start the fund raising exercise in October after referring the proposals to a leading local financial institution. rn

rnThe issue will carry a minimum tenure of five years and will form part of the governments borrowing programme. rn

rnA number of reputed financial institutions including JP Morgan, HSBC, Citibank and Standard Chartered have expressed interest, reliable sources say.rn

rnIndustry sources also say that the timing of the dollar fund raising exercise was perfect given the weak demand for the dollar in most markets. rnrn