Sri Lanka’s forex reserves down to US$8.3bn: Central bank

Jan 26, 2015 (LBO) – Sri Lanka’s forex reserves fell to 8.3 billion US dollars in November 2014, down from 8.8 billion US dollars in October, Central Bank data showed. The BOP for the eight months of January to August 2014 recorded a surplus of 2.1 billion US dollars data showed. The bank says the country has outflows on account of foreign debt service payments amounting to 2,054.2 million US dollars and IMF-SBA payments amounting to 704.4 million US dollars.

The Island’s foreign reserves were up in August 2014 at 9.2 billion US dollars amid weak credit growth and since then it was falling steadily as domestic credit picked up.

From January to November 2014, the balance of payment (BOP) is estimated to have recorded a surplus of 1,628.3 million US dollars compared to 581.7 million US dollars in the corresponding period of 2013.