Category: Forex
SL CB reassures commitment to ensuring the availability of forex banking system for essential foods
The Ministry of Finance issued Import Control Regulations on Payment Terms No.07 of 2022, dated 06 May 2022, and to be effective from 20 May 2022, by restricting the use of Open Account Payment Terms or Consignment Account Terms, subject to conditions, when importing goods to Sri Lanka. This measure complements the various other measures […]
We will support govt in reinstating previous tax regime & IMF reforms: Eran Wickramaratne
Statement on Sri Lanka Defaulting on Foreign Debt Payments by Eran Wickramaratne M.P., Former State Minister of Finance On 12 April 2022, Sri Lanka suspended repayment on most of the government’s external foreign currency debt, including the International Sovereign Bonds (ISBs) and bilateral debt. With the end of the 30-days grace period since the ISB […]
Inflation is expected to peak at 29-pct in July; LKR to further depreciate
Inflation is expected to peak at 29% in July owing to potential price hikes in essential commodities like gas, electricity, and fuel prices, the First Capital Research said. CCPI further increased to 18.7% in March, exceeding the CBSL’s and FC Research’s desired range of 4%-6% and 5%-7% respectively. According to First Capital Research, the exchange […]
Sri Lanka suspends normal debt servicing; announces interim policy on servicing external debt
Sri Lanka’s government has suspended the normal debt servicing of all affected debts, for an interim period pending an orderly and consensual restructuring of those obligations in a manner consistent with an economic adjustment program supported by the IMF. Announcing an interim policy regarding the servicing of Sri Lanka’s external public debt, the Ministry of […]
‘s official reserves down to USD 1.94bn in March
Sri Lanka’s official reserve assets were 1.9 billion US dollars (USD 1,939mn) by the end of March, further down from 2.3 billion US dollars in February this year, the latest Central Bank data showed. By the end of March, the foreign currency reserves were 1,724 million dollars while the reserve position in the IMF was […]
Clarification Regarding the Forex Sales by Banks to the Central Bank
The Central Bank clarifies that the recent increase of the percentage of foreign exchange sales by banks to the CBSL from 25% to 50%, effective from 21.03.2022, is exclusively applicable to banks and that will not have any impact on the prevailing requirements for the foreign exchange earnings of expatriate workers and export proceeds of […]
Central Bank indicative spot exchange rate surpasses Rs250 per USD
The indicative USD spot exchange rate of the Central Bank has surpassed 250 rupees (251.97 rupees) per dollar on Friday even though they earlier expected forex transactions to take place at levels that are not more than 230 rupees per dollar. Accordingly, the indicative USD spot exchange rate which is the weighted average rate of […]
Bond yields to extend further surge; rate hike expectations for 2022E increased: FCR
In light of the weaker economic conditions, First Capital Research believes that the CBSL will maintain the momentum on tightening policy rates resulting in yields to further surge at an accelerated pace, and expect it to move further over upcoming months. Sri Lanka’s foreign reserves were recorded at USD 2.3Bn in Feb 22 and due […]
Ceylon Chamber welcomes CBSL move towards a more flexible exchange rate
The Ceylon Chamber of Commerce commends the Governor and his team at Central Bank for permitting greater flexibility in the exchange rate. This action has been proposed by the Ceylon Chamber, on its own and along with other chambers on numerous occasions in the recent past. Hence, the Chamber is pleased to note this announcement […]
Sri Lanka maintains official reserves at USD 2.3bn in February
Sri Lanka’s official reserve assets were 2.3 billion US dollars (USD 2,314mn) by the end of February, slightly down from 2.3 billion US dollars (USD 2,361mn) in January this year, the latest Central Bank data showed. By the end of February, the foreign currency reserves were 2,025 million dollars while the reserve position in the […]
CBSL allows greater flexibility in exchange rate with immediate effect; not more than Rs 230 per USD
Sri Lanka’s Central Bank says that greater flexibility in the exchange rate will be allowed to the markets with immediate effect. Releasing a statement, the bank said that they are also of the view that forex transactions would take place at levels which are not more than Rs. 230 per US dollar. Full Statement Policy […]
Central Bank requests public to provide information on unauthorized forex dealings
Central Bank requests the public to provide information on unauthorized foreign currency dealings. Accordingly, any person, institution or any other entity is engaged in unauthorized foreign exchange dealings, the public is hereby requested to inform the Foreign Exchange Department of CBSL via the following telephone numbers or the email address. Telephone : 0112398827, 0112477375, 0112398568Email […]