Sri Lanka first half foreign direct investment US$413mn: Central Bank

Aug 19, 2011 (LBO) – Sri Lanka’s foreign direct investment for the first half of 2011 reached 413 million US dollars putting the country on track for a full year goal of a billion dollars, the Central Bank said. Foreign reserves had reached an all time high of 8,158 million US dollars by August 16.

Sri Lanka sold a billion dollar bond in late July, about half the money was used to retire high cost domestic debt and the rest was deposited at the Central Bank to meet future debt payments, the central bank said.

The central bank said the rupee has appreciated 0.96 percent against the US dollar so far this year. However the rupee has come under some pressure in recent weeks. The central bank has steadily sold dollars except in March and June. On Thursday the spot dollar closed at 109.94/95 rupees.

On April 28 the spot dollar weakened below 110 rupees.