Sri Lanka official forex reserves exceed US$7bn: central bank

Sri Dharanee Performance Arts Theatre

Oct 07, 2010 (LBO) – Sri Lanka’s gross official reserves surpassed the seven billion US dollars level on October 04, the central bank said in a statement. The level of reserves is equivalent to over 6.8 months of imports and is the highest ever reserves level of Sri Lanka, it said.

On October 05 excess liquidity shot up to 64 billion rupees indicating an influx of foreign money with 42 billion rupees parked in the central bank’s repo window.

In September a billion dollar 10-year sovereign bond issued by Sri Lanka was oversubscribed 6.3 times.

Also in September the International Monetary Fund released 212.5 million US dollars to Sri Lanka under its 2.5 billion US dollar program.