Sep 28, 2017

SL foreign reserves reach to US$ 7.3b

Sri Lanka ‘s foreign reserves reached to a level of  US$ 7.3 billion by September 21 following the Central Bank’s action to buy $ 1.1 billion dollars on a net basis , CB Governor Dr. Indrajit Coomraswamy said.

But  reeves were down down from US $ 7.7 billion by the end of August, he disclosed.  

“With increased flexibility in the determination of the exchange rate, the pressure in the domestic foreign exchange market has eased considerably, resulting in a cumulative depreciation of the Sri Lankan Rupee against the US dollar by 2.0 percent up to 22 September 2017.
This was in comparison to the depreciation of 3.8 percent observed in 2016”, he added.

Meanwhile, the growth in private sector credit in July and August remains a conundrum as during the months it registered a growth of 18.0 percent each. In absolute terms, such credit grew by Rs.51 billion and Rs.53 billion respectively.