Reserve Track

May 05, 2014 (LBO) – Sri Lanka’s foreign reserves rose to 8.3 billion US dollars in February 2014, from 8.04 billion US dollars in January, official data showed. The Central Bank said worker remittance rose 8.8 percent to 1,057 million US dollars, tourism earnings rose 37.9 percent to 416.8 million US dollars and there were 26.6 million US dollars of outflows to the stock market.

In addition to the billion US dollar bond sale, 381 million US dollars had flowed into rupee Treasuries, down from 1.24 billion US dollars last year in the same period.

Long term loans fell to 119.9 million US dollars from 300.7 million US dollars a year earlier.

In the first two months debt service payments by the government was 272 million US dollars and repayments by the Central Bank to the International Monetary Fund was 77 million US dollars.

The central bank said during the first two months of the year a ‘balance of payments surplus’ of 805.7 million US dollars was seen.

In January Sri Lanka sold a billion US dollar bond to international investors.

When measured in months of imports foreign reserves were equal to 5.5 months of imports by end February.