Sri Lanka foreign reserves US$5.2bn in November

Nov 25, 2009 (LBO) – Sri Lanka’s foreign reserves had climbed to 5.2 billion US dollars by November 20, helped by strong capital inflows and International Monetary Fund loans, the Central Bank said. Sri Lanka went to the IMF when reserves dipped to around a billion US dollars in March following an extended period of expansionary peg defence. Gross official reserves were at 4,822 million US by end October 2009. Reserves were at 5.045 million US dollars with balances at Asian Clearing Union, a regional settlement arrangement.

The central bank said 247 million US dollars had come into government Treasury bills and 1,069 million into Treasury bonds during the period. Reserves were equal to 5.9 months of imports.

By November 20, reserves were estimated at 5.2 billion US dollars. The Central Bank said it had bought 2,837 million US dollars from the market since March 2009.

The International Monetary Fund has also given 331 million US dollars under a second tranche.