Sri Lanka gross official reserves at USD 6.7Bn by end June

Jul 09, 2020 (LBO) – Sri Lanka’s gross official reserves stood at US dollars 6.7 billion by the end of June 2020, sufficient to cover 4.2 months of imports, the Central Bank today revealed.

Reflecting the impact of measures taken to stem foreign currency outflows, the Sri Lankan rupee, which remained volatile briefly from mid-March to mid-April 2020, has recorded a notable appreciation thereafter.

During the year up to 03rd July 2020, the Sri Lankan rupee has depreciated against the US dollar by 2.4 percent.

The trade deficit is estimated to have narrowed during the first five months of this year, with the contraction in imports outweighing the contraction in exports.