Category: Forex

May 10, 2010 (LBO) – Sri Lanka’s foreign reserves fell to 5,032 million US dollars in February 2010 from 5,135 million US dollars in January, which was equal to about 5. 5 months of past imports, the Central Bank said. Reserves with balances at the Asian Clearing Union (ACU), a regional arrangement of non-convertible currencies, […]

May 07, 2010 (LBO) – Sri Lankan companies providing a range of international services and their employees earning foreign exchange income can open foreign currency accounts at commercial banks from Friday, the central bank said. Companies and individuals providing the following categories of international services and their employees can open foreign currency accounts: Accountancy, tax […]

Jan 04, 2010 (LBO) – Sri Lankans would be allowed to open bank accounts abroad and buy shares and debt of foreign companies as part of a relaxation of foreign exchange controls, Central Bank governor Nivard Cabraal said. Foreign exchange ‘shortages’ crop up when a central bank ‘prints money’ (generates local money by purchasing domestic […]

Nov 05, 2009 (LBO) – Sri Lanka’s central bank is planning to relax exchange controls allowing up to 500,000 US dollars to be taken out for investment purposes without approval of the central bank, a media report said. Before the creation of the Central Bank in 1950, Sri Lanka had a currency board with an […]

Oct 08, 2009 (LBO) – The Sri Lankan government has stopped paying bonus interest on the interest earned on foreign currency deposits in banks, the Sri Lanka Banks’ Association said.The Central Bank has withdrawn the payment of bonus interest in rupees on interest paid to foreign currency accounts from October 1, the association said in […]

Sept 02, 2009 (LBO) – Sri Lanka has tightened rules on foreign exchange dealing issuing a direction that specifies qualifications and experience of dealing room personnel, Central Bank Governor Nivard Cabraal said.The new rules comes soon after Nations Trust Bank, a licensed commercial bank, reported 800 million in forex losses following trades which the bank […]

Aug 28, 2009 (LBO) – Sri Lanka’s gross official reserves rose to 3.9 billion US dollars after receiving the equivalent of 475 million US dollar under a new allocation International Monetary Fund reserves, the Central Bank said. Sri Lanka’s reserves have now topped a 3.5 billion dollar peak reached in September 2008. In August 07, […]

July 28, 2009 (LBO) – Sri Lanka’s tight peg with the US dollar, which is now backed by complementary monetary policy may move under an International Monetary Fund program if foreign reserve targets are not met, an official said. The 20-month IMF program is underpinned on a flexible exchange rate, and is based on specific […]

June 25, 2009 (LBO) – Sri Lanka’s government is planning a new high yield retail foreign exchange denominated security that will pay an attractive premium over London benchmark rates, targeting expatriate workers.“India did a successful issue of that nature some time ago, and we are studying it,” Central Bank governor Nivard Cabraal said. “We want […]

June 18, 2009 (LBO) – Sri Lanka’s central bank has bought 218 million US dollars from forex markets so far in June on top of 160 million US dollars bought during the last two months, Central Bank Governor Nivard Cabraal said. Since a float of the rupee in March ahead of an International Monetary Fund […]

May 25, 2009 (LBO) – Sri Lanka’s central bank Monday lifted restrictions on foreign exchange forward contracts imposed late last year amid a balance of payments crisis, allowing the market to act freely, a top official said. The IMF loan has been delayed amid political wrangling from the US in particular, but the lenders said […]

May 19, 2009 (LBO) – Sri Lanka will “review” overnight forex trading positions of commercial banks which were slashed during the height of a balance of payments crisis last year, Central Bank Governor Nivard Cabraal said. The central bank stopped counting dollars advanced to state banks under a tighter reserve classification process ahead of an […]