Category: Forex

March 01, 2012 (LBO) – Sri Lanka’s central bank has capped forward foreign exchange deals with the rupee to 90 days to reduce speculation Governor Nivard Cabraal said. “It will reduce speculation overall,” Cabraal said. Sri Lanka reduced interventions in forex markets on February 09, allowing the exchange rate to be market determined and said […]

Feb 26, 2012 (LBO) – Sri Lanka is planning to raise 600 million dollars in commercial debt from the local market in 2012 mostly to roll over existing debt a media report said, not counting a 500 million dollar sovereign bond that also falls due this year. Sri Lanka’s balance of payments had come under […]

Dec 09, 2011 (LBO) – Sri Lanka’s foreign reserves slipped 11.8 percent to 7,095 million US dollars by end September from a month earlier, amid defence of a soft dollar peg, official data showed. The trade deficit expanded 93.6 percent to 6.8 billion US dollars. The trade gap is driven by income derived from net […]

Sept 16, 2011 (LBO) – Sri Lanka’s recent interventions in forex markets which were partly triggered by payments for oil will ease in the future, helped by higher expected inflows, Central Bank Governor Nivard Cabraal said. “Now the interventions are much less,” Cabraal said. “Even going forward, our estimates are that it will be limited. […]

Aug 29, 2011 (LBO) – Sri Lanka’s foreign reserves rose to 8. 1 billion US dollars in July 2011 boosted with the sale of a sovereign bond, up from 7. 5 billion US dollars in June, the Central Bank said. Based on the previous 12-month, average imports of 1,398 million dollars a month, gross official […]

May 14, 2011 (LBO) – A volatile rupee against the Sterling Pound and Euro has made forward pricing a risky business for Sri Lanka’s tourism sector which wants to price hotels in the local currency to avoid exchange rate risk, a senior executive from John Keells Holdings said. However despite economic problems in the PIG […]

Jan 05, 2011 (LBO) – Sri Lanka is improving its foreign reserves management system with more modern trading systems and practices and aims to build up foreign exchange reserves to over 10 billion US dollars in the next few years, central bank governor Nivard Cabraal said. The central bank plans to go for better trading […]

Dec 23, 2010 (LBO) – Remittances by migrant Sri Lankan workers rose 22 percent in the first 10 months of 2010 but foreign reserves have fallen slightly after central bank dollar sales, latest data showed. “During the first ten months of 2010, workers’ remittances increased by 21.9 percent to 3,380 million US dollars after adjusting […]

Dec 06, 2010 (LBO) – Sri Lanka’s central bank sold 89. 05 million US dollars in November to maintain the country’s peg, with the US dollar as credit grew and economic activities picked up, official data show. Excess liquidity in the banking system is still high at 128 billion rupees. The bank is a net […]

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 […]

Sept 30, 2010 (LBO) – A second stage of relaxing foreign exchange controls may take place by mid-October when operating instructions to authorized dealers are fine tuned, central bank Governor Nivard Cabraal said. Sri Lanka’s foreign exchange laws criminalized attempts by citizens to protect the value of their hard earned savings from being destroyed by […]

Aug 11, 2010 (LBO) – Sri Lanka’s Central Bank has called for bids for a new treasury management system to modernise its dealing room amid plans to increase foreign exchange trading as reserves grow, a statement said. Only bidders who have installed treasury management systems in at least one central bank or monetary authority or […]