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Sri Lanka To Receive $2.65 Billion Forex In Next 3 Months
Posted 27,July

By Chaveendra Dunuwille

In Local News

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According to the State Minister for Money and Capital Investments Ajith Nivard Cabral Sri Lanka has managed to secure an inflow of forex for the next 3 months totalling $2.65 billion. 

According to the minister the cash flow has been organized in such a way that Sri Lanka will be able to pay every forex loan repayment and interest payment on time. The inflow of cash will be as follows, 

  • $400 million – Currency swap from India 
  • $250 million – Currency swap from Bangladesh 
  • $300 million – Loan from China Development Bank 
  • $800 million – Special Drawing Rights allocation from IMF 
  • $200 million – Central Bank purchase from Forex Market in next three months 
  • $300 million – Inflow from ISB held by local banks 
  • $400 million – Expected inflow from the utilization of underutilized assets 

A further $1.5 billion currency swap has been negotiated between the Central Bank and the People’s Bank of China. 

The minister stated that the cash inflow will be monitored closely by expert financial managers. Furthermore the minister stated that fluctuations in the foreign reserve may occur during this time, however it was of less significance in present compared to the cash inflow that the government has managed to secure during this troubled time.