Sri Lanka foreign reserves at US$7.0bn in September

Dec 15, 2013 (LBO) – Sri Lanka’s foreign reserves eased to 7.0 billion US dollars in September 2013 from 7.5 billion US dollars in August, official data showed.

This year Sri Lanka has to repay about 500 million US dollars to the IMF which are made directly out of foreign reserves of the Central Bank.

However government foreign debt repayments that are not accommodated by the Central Bank and is accompanied by an equivalent reduction in domestic credit allows foreign reserves to be stable.

Foreign reserves were equal to 4.4 months of imports.

The Central Bank said made repayments to the International Monetary Fund of 288.3 million US dollars so far this year and there were foreign debt service payments of 1,094 million by the government.