Sri Lanka official reserves slightly improve to USD 3.6bn by end August

Sri Lanka’s gross official reserves were 3,550.7 million US dollars by the end of August, up from 2,805.9 million US dollars in July, the latest Central Bank data showed.

This does not include the swap facility signed with the People’s Bank of China (PBoC) of RMB 10 bn (equivalent to approximately USD 1.5 bn).

By the end of August, the foreign currency reserves were 2,957.9 million dollars while the reserve position in the IMF was 68.2 million dollars.

Special Drawing Rights were 132.9 million, reserves in Gold were 390.6 million and other reserve assets were 1.1 million US dollars.

Of the IMF’s allocation of SDR 554.8 million received by Sri Lanka on 23 August 2021, a large portion was converted into US dollars, the Central Bank said.

The outstanding stock of T-bills and T-bonds held by foreigners has increased only by 0.04 percent in rupee terms during the week compared to the previous week.

As of today, the Central Bank Treasury bill holdings at the face value was 1,290,361 million rupees.

During the year up to 10 September 2021, the Sri Lankan rupee has depreciated against the US dollar by 6.8 percent.