CBSL Monetary Policy Statement Indicates Economic/Forex Stabilisation

August 18, 2022 (LBO) - The monetary policy statement released by the Central Bank of Sri Lanka indicated stabilisation of the Sri Lankan currency and economy across a broad range of measures.

"Pressures witnessed in the domestic foreign exchange market have eased to a large extent with the notable decline in import expenditure and improved conversions of repatriated export proceeds, supported by the strengthening of monitoring mechanism of export proceed repatriation and conversion.

Accordingly, the exchange rate remains broadly stable within the market guidance that commenced from mid-May 2022, while the gap between the curb market and official exchange rates has declined notably in recent weeks, and such gap is expected to remain narrow in the period ahead with the improvements in the liquidity conditions in domestic foreign exchange market.

Meanwhile, reflecting the impact of improved forex liquidity and securing of sizeable financing assistance, the availability and distribution of essential commodities, such as fuel, cooking gas, medicine, fertiliser etc., have notably improved.

Arrangements are in place to secure continuous supply of such essential commodities in the period ahead. Gross official reserves, as at end July 2022, are estimated at US dollars 1.8 billion,including the swap facility from the People’s Bank of China equivalent to around US dollars 1.5billion, which is subject to conditionalities on usability.
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Negotiations with the IMF towards reaching a staff-level agreement on the Extended Fund Facility (EFF) arrangement are scheduled in coming weeks, while expeditious measures are being taken to advance the debt restructuring process with the assistance of financial and legal advisors."

https://www.cbsl.gov.lk/sites/default/files/cbslweb_documents/press/pr/press_20220818_Monetary_Policy_Review_No_6_2022_e_H5du8.pdf

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